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Daily Mail
3 days ago
- Business
- Daily Mail
Major pub chain forced to hike the cost of a pint by 15p after Labour's tax grab landed it with extra £8million staff costs
A major pub chain has been forced to increase the price of a pint by 15p after Rachel Reeves ' tax raid left it with an added £8million in staff costs. Fuller's says the rise in national insurance contributions (NICs) from last October's budget as well as the higher minimum wage from April has left the firm badly hit. The Chiswick-based company - which has 5,500 staff members - warned back in November last year the financial measures would cause the price of its pints to rise. It comes as pub and hospitality companies have been among the worst affected amid soaring staff bills. Fuller, Smith & Turner chief executive Simon Emeny said the chain had tried to be 'sensitive' with price increases, to 'make sure that going to the pub remains an affordable treat'. He added the group would keep its pricing 'under review' over the rest of the year. Fuller's is the latest to raise the cost of a pint as pub chains attempt to offset soaring staff bills. The British Beer and Pub Association (BBPA) recently said the average price of a pint of beer would surge past £5 for the first time because of cost hikes hitting the sector. Pub and hospitality companies have been among the worst affected amid soaring staff bills A spokesman for the BBPA added the average cost of a pint in the UK is expected to rise by about 21p as a result. But Fuller's boss Mr Emeny said the firm could not offset the cost impact with price increases alone. The group, which has about 5,500 staff, is doubling down on investment in its bars and staff training, to drive sales higher, which it hopes will counter the extra costs. 'Six months down the line and I don't think price increases are the only answer. It has to come through higher sales,' he said. Reeves announced last year the employers' rate of NI would increase by 1.2 percentage points, to 15 per cent from April. In addition, the level at which employers become liable to pay NI on salaries would reduce from £9,100 to £5,000 per year. And the minimum wage for over 21s, known officially as the National Living Wage, has now risen from £11.44 to £12.21. Mr Fuller said his firm's consumer spending outlook would be sensitive to the interest rate outlook, and whether the Government moved to increase personal taxes. The comments came as Fuller's posted a 32 per cent jump in underlying pre-tax profits to £27 million for the year to March 29. Like-for-like sales rose 5.2 per cent, and the group said growth had continued into the first 10 weeks of the new financial year, albeit at a more muted rate of 4.2 per cent. It also announced its chairman of 18 years, Michael Turner, a member of one of the three founding families, would retire at the group's annual general meeting in July, after a 47-year career with the group. He will be replaced by Mr Emeny, who will become executive chairman, the first person to take the role who is not a member of the founding families. Fred Turner will be promoted from retail director to chief operating officer. A number of other founding family members remain on the board, including non-executive directors Sir James Fuller and Richard Fuller. On his final set of full-year figures for the group, the outgoing chairman said it had been an 'excellent' past year. Mr Turner added: 'This strong performance has been achieved despite the business operating in a challenging and, at times volatile, economic environment. 'The geopolitical situation has caused uncertainty in global markets and the decisions made by the Chancellor in her October budget hit the sector hard and reduced confidence in hospitality stocks.' Mr Turner, An outspoken critic of the move to raise national insurance contributions (NICs) from April, said: 'The changes to national insurance contributions took everyone by surprise and I fear it could be terminal for a number of smaller operators in our market.'
Powys County Times
3 days ago
- Business
- Powys County Times
Fuller's hiked pint prices after staff costs soared
The boss of pub firm Fuller's has said the group hiked the price of a pint of beer by about 15p across its bars after being hit with £8 million in extra staff costs. Fuller, Smith & Turner chief executive Simon Emeny said the firm raised prices at the end of March in response to the Chancellor's tax raid in last October's Budget, which saw employers' national insurance contributions (NICs) increase from April. In a double whammy for firms, they also faced another rise in the minimum wage from April, with pubs and hospitality companies among the worst hit. Mr Emeny told the PA news agency that Fuller's has looked to be 'sensitive' with price increases, to 'make sure that going to the pub remains an affordable treat'. He said the group would keep its pricing 'under review' over the rest of the year. The group is the latest to raise the cost of a pint as pub chains look to offset soaring staff bills. The British Beer and Pub Association (BBPA) recently said the average price of a pint of beer would surge past £5 for the first time because of cost hikes hitting the sector. The BBPA said the average cost of a pint in the UK is expected to rise by about 21p as a result. But Fuller's boss Emeny said the firm could not offset the cost impact with price increases alone. The group, which has about 5,500 staff, is doubling down on investment in its bars and staff training, to drive sales higher, which it hopes will counter the extra costs. 'Six months down the line and I don't think price increases are the only answer. It has to come through higher sales,' he said. But he said the consumer spending outlook would be sensitive to the interest rate outlook, and whether the Government moved to increase personal taxes. The comments came as Fuller's posted a 32% jump in underlying pre-tax profits to £27 million for the year to March 29. Like-for-like sales rose 5.2%, and the group said growth had continued into the first 10 weeks of the new financial year, albeit at a more muted rate of 4.2%. It also announced that its chairman of 18 years, Michael Turner, a member of one of the three founding families, will retire at the group's annual general meeting in July, after a 47-year career with the group. He will be replaced by Mr Emeny, who will become executive chairman, the first person to take the role who is not a member of the founding families. Fred Turner will be promoted from retail director to chief operating officer. A number of other founding family members remain on the board, including non-executive directors Sir James Fuller and Richard Fuller. On his final set of full-year figures for the group, the outgoing chairman said it had been an 'excellent' past year. Mr Turner added: 'This strong performance has been achieved despite the business operating in a challenging and, at times volatile, economic environment. 'The geopolitical situation has caused uncertainty in global markets and the decisions made by the Chancellor in her October budget hit the sector hard and reduced confidence in hospitality stocks.' An outspoken critic of the move to raise national insurance contributions (NICs) from April, Mr Turner said: 'The changes to national insurance contributions took everyone by surprise and I fear it could be terminal for a number of smaller operators in our market.'
Yahoo
3 days ago
- Business
- Yahoo
Fuller's hiked pint prices after staff costs soared
The boss of pub firm Fuller's has said the group hiked the price of a pint of beer by about 15p across its bars after being hit with £8 million in extra staff costs. Fuller, Smith & Turner chief executive Simon Emeny said the firm raised prices at the end of March in response to the Chancellor's tax raid in last October's Budget, which saw employers' national insurance contributions (NICs) increase from April. In a double whammy for firms, they also faced another rise in the minimum wage from April, with pubs and hospitality companies among the worst hit. Mr Emeny told the PA news agency that Fuller's has looked to be 'sensitive' with price increases, to 'make sure that going to the pub remains an affordable treat'. He said the group would keep its pricing 'under review' over the rest of the year. The group is the latest to raise the cost of a pint as pub chains look to offset soaring staff bills. The British Beer and Pub Association (BBPA) recently said the average price of a pint of beer would surge past £5 for the first time because of cost hikes hitting the sector. The BBPA said the average cost of a pint in the UK is expected to rise by about 21p as a result. But Fuller's boss Emeny said the firm could not offset the cost impact with price increases alone. The group, which has about 5,500 staff, is doubling down on investment in its bars and staff training, to drive sales higher, which it hopes will counter the extra costs. 'Six months down the line and I don't think price increases are the only answer. It has to come through higher sales,' he said. But he said the consumer spending outlook would be sensitive to the interest rate outlook, and whether the Government moved to increase personal taxes. The comments came as Fuller's posted a 32% jump in underlying pre-tax profits to £27 million for the year to March 29. Like-for-like sales rose 5.2%, and the group said growth had continued into the first 10 weeks of the new financial year, albeit at a more muted rate of 4.2%. It also announced that its chairman of 18 years, Michael Turner, a member of one of the three founding families, will retire at the group's annual general meeting in July, after a 47-year career with the group. He will be replaced by Mr Emeny, who will become executive chairman, the first person to take the role who is not a member of the founding families. Fred Turner will be promoted from retail director to chief operating officer. A number of other founding family members remain on the board, including non-executive directors Sir James Fuller and Richard Fuller. On his final set of full-year figures for the group, the outgoing chairman said it had been an 'excellent' past year. Mr Turner added: 'This strong performance has been achieved despite the business operating in a challenging and, at times volatile, economic environment. 'The geopolitical situation has caused uncertainty in global markets and the decisions made by the Chancellor in her October budget hit the sector hard and reduced confidence in hospitality stocks.' An outspoken critic of the move to raise national insurance contributions (NICs) from April, Mr Turner said: 'The changes to national insurance contributions took everyone by surprise and I fear it could be terminal for a number of smaller operators in our market.' 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
Scottish Sun
3 days ago
- Business
- Scottish Sun
Price of a pint rises 15p major pub boss reveals due to Chancellor's tax hike
We reveal why prices have been hiked below Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE boss of a major pub chain has revealed it hiked the price of pints by 15p following a Government tax raid. The chief executive of Fuller's said the group upped the price of a pint of beer after being hit with £8million in extra costs. Sign up for Scottish Sun newsletter Sign up 1 Simon Emeny has said it upped the price of a pint by 15p in March Credit: PA Simon Emeny, boss at Fuller, Smith and Turner, said the firm bumped up prices at the end of March ahead of an increase in employer National Insurance contributions (NICs) and the national minimum wage in April. Mr Emeny told the PA news agency that Fuller's had looked to be 'sensitive' with price increases and would keep them "under review" for the rest of the year. It comes after he exclusively told The Sun prices would likely rise by 10p to offset its added costs. The pub chain is one of a number who warned of price rises to tackle higher NICs and wage costs. The British Beer and Pub Association (BBPA) recently said the average price of a pint of beer would surge past £5 for the first time because of cost hikes hitting the sector. The BBPA said the average cost of a pint in the UK is expected to rise by about 21p as a result. Emeny said the pub group could not offset the cost impact of the NIC and minimum wage hikes with just price increases. The group, which has about 5,500 staff, is doubling down on investment in its bars and staff training, to drive sales higher, which it hopes will counter the extra costs. 'Six months down the line and I don't think price increases are the only answer. It has to come through higher sales,' he said. But he said the consumer spending outlook would be sensitive to the interest rate outlook, and whether the Government moved to increase personal taxes. Britain's best beer ranked The comments came as Fuller's posted a 32% jump in underlying pre-tax profits to £27 million for the year to March 29. Like-for-like sales rose 5.2%, and the group said growth had continued into the first 10 weeks of the new financial year, albeit at a more muted rate of 4.2%. It also announced that its chairman of 18 years, Michael Turner, a member of one of the three founding families, will retire at the group's annual general meeting in July, after a 47-year career with the group. He will be replaced by Mr Emeny, who will become executive chairman, the first person to take the role who is not a member of the founding families. Fred Turner will be promoted from retail director to chief operating officer. A number of other founding family members remain on the board, including non-executive directors Sir James Fuller and Richard Fuller. On his final set of full-year figures for the group, the outgoing chairman said it had been an 'excellent' past year. Mr Turner added: 'This strong performance has been achieved despite the business operating in a challenging and, at times volatile, economic environment. 'The geopolitical situation has caused uncertainty in global markets and the decisions made by the Chancellor in her October budget hit the sector hard and reduced confidence in hospitality stocks.' An outspoken critic of the move to raise National Insurance contributions (NICs) from April, Mr Turner said: 'The changes to national insurance contributions took everyone by surprise and I fear it could be terminal for a number of smaller operators in our market." What are employer National Insurance contributions (NICs)? CONSUMER reporter Sam Walker tells you everything you need to know. Employer National Insurance Contributions (NICs) are effectively a tax on businesses used to cover social security benefits like Universal Credit and the state pension. NICs are also paid by workers and the self-employed. According to the Institute for Fiscal Studies (IFS), NICs are the UK's second-biggest tax, expected to bring in around £170billion this financial year. Employers only pay NICs on workers' salaries from a certain threshold. This is currently £9,100 but will drop to £5,000 from April 6. Those of state pension age or older do not have to pay NICs, but employers with workers aged 66 or older have to pay NICs on their earnings. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
The Sun
3 days ago
- Business
- The Sun
Price of a pint rises 15p major pub boss reveals due to Chancellor's tax hike
THE boss of a major pub chain has revealed it hiked the price of pints by 15p following a Government tax raid. The chief executive of Fuller's said the group upped the price of a pint of beer after being hit with £8million in extra costs. 1 Simon Emeny, boss at Fuller, Smith and Turner, said the firm bumped up prices at the end of March ahead of an increase in employer National Insurance contributions (NICs) and the national minimum wage in April. Mr Emeny told the PA news agency that Fuller's had looked to be 'sensitive' with price increases and would keep them "under review" for the rest of the year. It comes after he exclusively told The Sun prices would likely rise by 10p to offset its added costs. The pub chain is one of a number who warned of price rises to tackle higher NICs and wage costs. The British Beer and Pub Association (BBPA) recently said the average price of a pint of beer would surge past £5 for the first time because of cost hikes hitting the sector. The BBPA said the average cost of a pint in the UK is expected to rise by about 21p as a result. Emeny said the pub group could not offset the cost impact of the NIC and minimum wage hikes with just price increases. The group, which has about 5,500 staff, is doubling down on investment in its bars and staff training, to drive sales higher, which it hopes will counter the extra costs. 'Six months down the line and I don't think price increases are the only answer. It has to come through higher sales,' he said. But he said the consumer spending outlook would be sensitive to the interest rate outlook, and whether the Government moved to increase personal taxes. Britain's best beer ranked The comments came as Fuller's posted a 32% jump in underlying pre-tax profits to £27 million for the year to March 29. Like-for-like sales rose 5.2%, and the group said growth had continued into the first 10 weeks of the new financial year, albeit at a more muted rate of 4.2%. It also announced that its chairman of 18 years, Michael Turner, a member of one of the three founding families, will retire at the group's annual general meeting in July, after a 47-year career with the group. He will be replaced by Mr Emeny, who will become executive chairman, the first person to take the role who is not a member of the founding families. Fred Turner will be promoted from retail director to chief operating officer. A number of other founding family members remain on the board, including non-executive directors Sir James Fuller and Richard Fuller. On his final set of full-year figures for the group, the outgoing chairman said it had been an 'excellent' past year. Mr Turner added: 'This strong performance has been achieved despite the business operating in a challenging and, at times volatile, economic environment. 'The geopolitical situation has caused uncertainty in global markets and the decisions made by the Chancellor in her October budget hit the sector hard and reduced confidence in hospitality stocks.' An outspoken critic of the move to raise National Insurance contributions (NICs) from April, Mr Turner said: 'The changes to national insurance contributions took everyone by surprise and I fear it could be terminal for a number of smaller operators in our market." What are employer National Insurance contributions (NICs)? CONSUMER reporter Sam Walker tells you everything you need to know. Employer National Insurance Contributions (NICs) are effectively a tax on businesses used to cover social security benefits like Universal Credit and the state pension. NICs are also paid by workers and the self-employed. According to the Institute for Fiscal Studies (IFS), NICs are the UK's second-biggest tax, expected to bring in around £170billion this financial year. Employers only pay NICs on workers' salaries from a certain threshold. This is currently £9,100 but will drop to £5,000 from April 6. Those of state pension age or older do not have to pay NICs, but employers with workers aged 66 or older have to pay NICs on their earnings. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@
