Marc Paling, manager of The Golden Fleece (Image: Joseph Raynor/ Reach PLC)
A beloved UK pub has closed its doors, saying pressures were exacerbated by the Government’s “openly hostile” position. The Golden Fleece in Nottingham said in a statement: “It is with great regret that we announce the closure of Golden Fleece. Serious safety concerns relating to the building, combined with relentless and unsustainable increases in operating costs – particularly utilities – have made continued operation impossible.
“These pressures have been intensified by a Government approach that is openly hostile to pubs and the wider hospitality sector, imposing rising pressure with no meaningful support. This decision was not taken lightly. We thank our customers, staff, and the local community for their loyalty and support over the years, and regret that circumstances beyond our control have forced this closure.”
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The Golden Fleece in Mansfield Road, Nottingham, has closed (Image: Joseph Raynor/ Reach PLC)
Manager Marc Paling, 35, told our sister site NottinghamshireLive of extensive repairs that needed to be made, also commenting on rising costs.
He said: “Everything’s going up. Gas and electricity have gone up. Business rates were a lot lower in the first couple of years but then shot up.
“Then minimum wage kept going up as well, which we agree with, but, as a business, we need to keep our costs low.
“It just doesn’t balance because we’d then have to put our prices up, which would jeopardise our business further.
“It’s great they’re reducing the rates now, but with everything else going up, you’ve got your utilities, insurance and all these other things that pile on top.
“It’s just not possible to keep costs low at the moment because of everything going up.”
He added: “I think 100% that rising operating costs are a widespread problem. Unless you’re a big chain at the moment, you see more and more small businesses going.
“But certain chain pubs have to be sold as well because people just can’t afford to go out anymore.
“People don’t spend as much money as they used to because you have to keep your eye on your money nowadays.
“It’s a widespread UK problem. You don’t see free houses anymore because big companies like Greene King and Wetherspoon are buying people out.
Mould and leak damage at The Golden Fleece (Image: Joseph Raynor/ Reach PLC)
“It’s just not sustainable. People are going to fall into suppression. Ultimately, I think we’ll soon end up with just Greene King and Wetherspoons. I’ve got nothing against them, but it’s a shame.”
It comes as the Chancellor, Rachel Reeves, has been criticised for her approach, which has seen business rates doubling “for thousands of pubs” after their costs were already increased by a rise in National Insurance payments for employers and in the minimum wage.
Sir Keir Starmer has confirmed the Government is working with the pubs sector “to ensure that they get the support that they need” after an outcry over the impact of an upcoming hike in business rates.
Ms Reeves earlier said pubs will receive “more temporary support” in a climbdown from a Budget decision.
But the Prime Minister and the Chancellor appear to be resisting calls for the financial aid to be extended to other ailing hospitality businesses, with Ms Reeves saying the “biggest concern” is around pubs.
The rise in rates is due to a combination of properties being revalued and the withdrawal of Covid-era discounts, which were announced by Ms Reeves in November.
Ministers had put in place a £4.3billion fund to help pubs with the transition to higher rates, but the Chancellor acknowledged “for some pubs there is still a big increase”, and she confirmed they will receive extra financial aid with an announcement due “in the next few days and weeks”.