City Pub Group, the London-listed pub operator, has warned that it faced 'significant challenges' in the first half of the year.
The company cited a number of factors, including the cost of living crisis, which has led to a reduction in consumer spending on discretionary items like eating and drinking out.
The news highlights the immense pressure on the UK's hospitality sector, which has been hit by a perfect storm of rising energy costs, inflation, and a change in consumer habits.
The company's warning is a grim reminder of the fragility of many businesses in the sector, which are struggling to maintain their profitability in a difficult economic environment.
The news also underscores the need for government support for the hospitality sector, which is a key part of the UK economy.
The company has stated that it is working to mitigate the challenges, but the news is a clear signal that the road ahead will be difficult.
The situation at City Pub Group is a microcosm of the broader challenges facing the UK's pub industry, which has seen hundreds of venues close their doors in recent months.
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