Hospitality hopes for 35% Jubilee boost

Small and medium-sized businesses (SMEs) are expecting to see a 10.4% rise this quarter, with those in the hospitality predicting a 34.7% increase thanks, in part, to the Queen's Platinum Jubilee celebrations. 

According to the latest quarterly Barclays SME Barometer, 60% of SMEs in the UK are expecting to see revenues rise when compared to the same period last year.

The long Jubilee weekend is expected to boost independent pubs, bars, and restaurants to the tune of £76m on Thursday 2 and Friday 3 June, with 49% of those that are open predicting a sales rise.

"Moving the May bank holiday and adding an extra day to celebrate The Queen's Jubilee should give The Queens Hotel an opportunity to capitalise on what should be a period of warmer weather," says Ross Robinson, owner of The Queens Hotel in Lytham, who will be holding a Jubilee garden party on bank holiday Friday. “The extra bank holiday enables our guests to celebrate with their friends and family at home while still having an opportunity to visit local venues such as ours. We hope the public use this time to support businesses in their local area, to help boost sales during a period where general costs of running a business are at the highest they have been for many years.”

The predicted boost in revenue is welcome news for small businesses, which are facing a number of challenges including rising inflation, fuel and energy price increases and difficulty hiring new teams.  

Additional findings reveal that despite the challenging environment, the majority of SMEs say they are planning to invest in their businesses over the next 12 months.

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