One in five hospitality firms have no savings amid increasing costs

Nearly eight in 10 hospitality businesses have increased prices on the back of cost increases

- ALI LYON

A FIFTH of UK hospitality businesses have depleted their cash reserves - and nearly eight in 10 have increased prices to cope with the series of cost increases imposed on them in last year's autumn Budget.

New data from four trade bodies within the sector revealed that 69% of members have less than six months of reserves remaining, while one in five have no safety net, highlighting the multitude of challenges the beleaguered industry is confronting.