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London pint prices hit £8 as pressure hurts Marston

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Domestic prices in London hit £8, says pub chain boss Marston‘s said after the company reported the drop sales amid rising spending on hotel firms.

“Premium pints are £7-£8 in London, but in Wales we still have beer at £3 a pint,” boss Andrew Andrea told the Standard.

“We’ve raised drinks prices by 7-8% – we want to keep it under control, but we’re aware that people have so much money in their pockets.”

The group saw revenue fall 2% in the 42 weeks to July 23 compared to pre-pandemic levels as pub-goers ditched roast dinners in favor of cool drinks as the sweltering summer heat reached record temperatures.

“Beverage sales have held up, but food sales have dropped … people have stopped going to steakhouses,” Andrea said.

The pub chain has reported a doubling of electricity costs since its last contract ended in March, leading to a £2m loss in business. Food prices have also soared, causing the cost of chicken and white fish to skyrocket. Labor costs also rose after the company raised hourly wages for pre-minimum-wage staff as hospitality firms scramble for workers amid persistent labor shortages.

Despite the rise in pint prices, Andrea said the specter of a £10 pint is not in sight in London.

“Personally, I can’t foresee a point in our business any time soon … where someone will say, ‘Is this value for money?'”

At Marston’s 12 pubs in London, including sites in Waterloo and the Square Mile.

Marston shares were up 0.5% at 47.2p after the trading update.

London pint prices hit £8 as pressure hurts Marston

Source link London pint prices hit £8 as pressure hurts Marston

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