Yahoo Finance Pub firm Fuller’s set for £10m energy bill hike without Government help
Pub group Fuller’s has said its gas and electricity bill will soar by £10 million without Government support, as firms await details of a package set to be unveiled this week.
The group, which owns 385 pubs, said it expects the energy bill to more-than-double from £8 million to £18 million for this year.
“Businesses across the hospitality sector are experiencing unsustainable increases in energy costs,” chief executive Simon Emeny said.
“Despite having proactively purchased forward contracts to limit the impact on Fuller’s, we will see significant increases this year and do urge the Government to provide much-needed clarity on its proposed support package so that we can plan accordingly.”
The company told shareholders it has seen “good progress implementing a number of initiatives” to help reduce its energy bills and mitigate cost increases.
“We are looking forward to the forthcoming World Cup and our first restriction-free Christmas for three years
Chief executive Simon Emeny
It came as the hospitality firm revealed it saw like-for-like sales increase by 21% over the 25 weeks to September 17 compared with the same period last year.
Nevertheless, the firm said it recognised cost pressures facing its own customers.
Mr Emeny added: “While sales continue to recover from the effects of the pandemic, we are conscious that consumers face increasingly challenging times ahead.
“We are looking forward to the forthcoming World Cup and our first restriction-free Christmas for three years.
“The future may present more obstacles to navigate, but Fuller’s is a long-term company with a clear vision and the people, properties, and financial fire power to deliver consistent returns in the long term.”
Shares in Fuller’s dipped by 3.1% to 492.1p on Tuesday.
