
When Your Favorite Restaurant Becomes a Statistic
Statistics don't hit home — until they do.
At the end of 2024, Price Bailey, one of the top chartered accountancy firms in the UK, released a report saying that perhaps 6,000 of the UK's nearly 51,000 restaurants would close in a year. Of about 10,000 that were technically insolvent, the firm's risk analysis estimated that 12% were liable to default on debt.
For small, family-run businesses, the litany of costs is titanic. A blog by the chef of one such restaurant lamented 'rising food costs, an increase in the national minimum wage and salaries [and] endless payments' to the British tax authorities. It got cheaper napkins, diminished the wine list, created a customer-friendlier tasting menu, reduced prices, took out more loans and fired its expensive accountants.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Bloomberg
23 minutes ago
- Bloomberg
UK Will Launch Market for Private Share Sales Later This Year
The UK will launch a new market for private companies selling shares later this year, which regulators say will give firms access to more investors without the hurdles of a stock market listing. The Financial Conduct Authority said the Private Intermittent Securities and Capital Exchange System, or PISCES, will only be available for institutions and individuals willing to take on high-risk investments, as well as employees of participating companies.
Yahoo
28 minutes ago
- Yahoo
New stock market for shares in private companies to open in UK
A new type of stock market will open in the UK later this year, allowing investors to trade shares in privately-owned companies — as opposed to those that are publicly owned and listed, for example on the London Stock Exchange (LSE). Referred to as Pisces — which stands for a Private Intermittent Securities and Capital Exchange System — the first trading could begin on the new stock market in the next few months after the Financial Conduct Authority (FCA) approved the rules around it. The FCA hopes the move will support the UK economy by giving more choices to the investment community and attracting new funds for growing businesses. Although Pisces has already officially launched, trading cannot begin until companies who will act as operators start their platforms, which are subject to licences. With more companies choosing to stay private for longer, the new trading system was created to give investors access to businesses they otherwise could not fund, and to allow those holding shares in private businesses the chance to cash out. That can be as a result of shares being given as part of an employment package, for example, or by being an investor in an earlier round of private fundraising — which isn't always accessible to private investors. Pisces is set up in the FCA's sandbox environment to allow for experimentation on what works, what is required and what best practice will turn out to be. The plan is for around a five-year developmental phase, during which time testing and adjusting will take place with the framework, ahead of permanent rules being established in 2030. While Pisces is the framework for the stock exchange itself, individual operators will operate the ability to trade — comparative to now, for example, in how people with an investing Isa on an app or with their bank go through them to buy or sell companies or funds listed on the LSE. Those operators will have flexibility on the type of private companies they list; the FCA expect some may operate by size or industry, or perhaps on timing of share sales. Shares may be available to buy quarterly or annually in different private companies, for example, or during set windows according to their need. While the new private stock market is largely welcomed, investors will need to be aware of the additional risks which may be involved, compared to putting money into listed companies. Legislation exists to demand retail investors have a certain amount of knowledge before parting with their money, but this includes being 'self-certified' according to investing experience. Additionally, while public stock markets are heavily regulated — one of the reasons companies stay private instead of floating — the idea for this sandbox platform is to stay similar to private market processes and laws. As a result, for example, the process known as insider trading will not apply in the same way, potentially leading to an imbalance of information between those privately investing and institutional, professional investors. Emma Reynolds, economic secretary to the Treasury, said: 'Pisces is a great example of industry, regulators and the government working together to go further and faster on innovative reforms to strengthen UK capital markets, supporting economic growth and putting more money in people's pocket as part of our Plan for Change. 'I welcome the FCA's announcement, which follows our legislation and opens Pisces to industry. This also builds on our announcements on a Stamp Taxes on Shares exemption for Pisces transactions, and on employees retaining the tax advantages on eligible shares traded.' Simon Walls, executive director of markets at the FCA, added: 'This bold design rebalances risk, but it is bold risk taking that made the UK the leading financial centre it is today. The new platforms will give investors greater access and confidence to invest in exciting new companies, while early backers and employees can sell up and invest again. 'Pisces is the latest step in the FCA's wide-ranging reforms to the UK's markets to boost growth and competitiveness.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
32 minutes ago
- Yahoo
Exciting new development at Cumbria Life Home & Gift Fair
An exciting new chapter is unfolding at the Cumbria Life Home & Gift Fair as we launch a dedicated Food & Drink Hall in response to demand. (Image: Picasa) Set within the newly added Mixing Shed, this vibrant third hall will shine a spotlight on some of the finest food and drink producers the region has to offer, creating a dynamic new experience for visitors. (Image: Newsquest) Hosted by the publishers of Cumbria Life magazine, the fair takes place on Saturday, October 25 and Sunday, October 26, in the historic Pencil Factory & Packing Halls in Keswick. (Image: Newsquest) With its rich industrial heritage and panoramic views of the Lake District mountains, the venue provides the perfect backdrop for a celebration of creativity, craftsmanship and now culinary excellence. (Image: Newsquest) The Pencil Factory has been an iconic and celebrated landmark of Keswick since it was built in 1916 by the Cumberland Pencil Company. In 2007, the company moved production of Derwent Pencils to Workington, leaving the Pencil Factory site in Keswick empty. Now it has been painstakingly redeveloped by Keswick Ministries as a flagship event space in the region. Watershed Weavers (Image: Newsquest) We're thrilled to expand the event with The Mixing Shed, a dedicated space for food and drink exhibitors. This new hall is more than a market, it's a platform for regional producers to connect with a discerning audience, share their stories, and showcase the innovation shaping the local food and beverage landscape. Hannah Burr, heritage maker (Image: Newsquest) From artisan cheeses and hand-bottled spirits to small-batch jams, baked goods, and gourmet snacks, The Mixing Shed will offer a diverse range of tastes and trends. Visitors will have the chance to meet the makers, explore new flavours, and gain deeper insights into how local producers are shaping a more sustainable, seasonal, and innovative culinary scene. Deborah Land (Image: Newsquest) The newly launched Food & Drink Hall isn't just a place to taste and shop it's a chance to experience the true flavour of the region. Visitors will be drawn in by the opportunity to support small farms and independent producers, knowing that every purchase helps sustain local businesses and strengthens the community. Visitors get the chance to meet the makers, the farmers, bakers, distillers, and artisans behind the products. There's something special about knowing exactly where your food comes from and how it was made, creating a deeper connection between producer and consumer. Lakeland Rings (Image: Newsquest) We are inviting food and drink traders to apply. Whether you're a startup bakery or an award-winning distillery, this is an exceptional opportunity to introduce your products to a highly engaged, quality-focused audience. The new Food & Drink Hall complements the fair's established Gift & Lifestyle section as well as the Homes & Interiors section, curated by Maureen Whitemore of Whitemore & Thwaytes Interiors. Her expert touch will ensure an inspiring blend of design, craftsmanship, and timeless style across the exhibitor spaces. With over 120 traders already registered and a wide-reaching marketing campaign via Cumbria Life and 22 additional print and digital titles reaching a combined 17 million consumers the fair is shaping up to be one of the most anticipated lifestyle events in the north. Liz Jones (Image: Newsquest) Why Exhibit? Pre-Christmas boost: Capture sales from holiday shoppers eager for thoughtful, locally made gifts and gourmet treats. Engaged audience: Cumbria Life readers and event attendees value quality, design, and authenticity. Top-tier marketing: Extensive pre-event exposure across regional and national platforms. Exceptional venue: Easily accessible, historic, and nestled in the heart of the Lake District. Support for independents: This event is designed to champion small businesses and celebrate local excellence. Limited spaces available, apply now to secure your spot in The Mixing Shed and be part of a truly memorable culinary showcase. (Image: Newsquest)