Fuller’s boss hits out at ‘lack of clear plan’ from Chancellor amid Budget fears
The boss of one of Britain’s biggest pub chains has taken aim at a “lack of clear plan” from the Chancellor as the hospitality sector braces for another round of tax rises at the forthcoming Budget.
Simon Emeny, executive chair of Fuller’s, said the government needed “new ideas, new thinking” if it is to live up to its ambition to grow the economy.
“I hope the Chancellor has heeded the arguments and proposals articulated by the hospitality sector to avoid further punitive financial measures but, more so, I am frustrated by the lack of a clear plan to deliver the growth the Chancellor claims to be seeking,” Emeny said.
“The country needs ambitious and innovative ways to drive sustainable economic success.
“It needs new ideas, new thinking – and I genuinely hope the Government succeeds in that and succeeds quickly.”
Emeny warned Fuller’s had already taken an £8m hit from last Budget’s tax hikes to National Insurance Contributions, which came into effect in April.
Hospitality under pressure
Rising taxes and hikes to minimum wages have helped fuel a surge in hospitality insolvencies, with pub closures in Britain at a record high in 2025, as Morning Wire revealed earlier this month.
The number of British pubs and bar businesses appointing liquidators or administrators surged to 449 in the first 10 months of the year, the most in more than two decades, according to figures compiled using insolvency disclosures.
That represents a rise of five per cent compared to the same period last year, and a more than tripling compared to 2015.
Kate Nicholls, chair of trade body UK Hospitality, said pubs and restaurants are still bearing heavy Covid debts, with this situation made worse by business rate and national insurance hikes at last year’s Budget.
She told Morning Wire: “Put simply, these figures reflect what we’ve been saying to the Government and others for some time, [that] the money coming through the front door is not enough to cover the costs of doing business, and therefore many businesses are running out of road.”
Last week, pub chain Wetherspoon warned it is becoming “more cautious in its outlook” as the industry braces for further tax hikes and rising minimum wages at the Budget.
Tim Martin, founder and chairman of JD Wetherspoon, said: “Increased labour costs are, consequently, dramatically widening the pricing differential between pubs and supermarkets, to the anger and consternation of customers.”
Fuller’s expects a very merry Christmas
Fuller’s, which reported a 6.9 per cent rise in sales for the six months to end September to £208m, also cheered a 16 per cent jump in Christmas party bookings compared to the same period last year, alongside a rise in profitability.
The company, which operates nearly 400 pubs across London and the South East, including the Counting House on Cornhill, the Banker on Cannon Street and the Saint on Bow Lane, upped its interim dividend by 6 per cent to 7.85p.
The firm also pocketed £17.2m from the sale of the Mad Hatter hotel in Southwark, which is set to form part of the huge new Blackfriars Road development.
Emeny became chairman of Fuller’s in July following the retirement of Michael Turner, a move first reported by the Standard in March 2024.
Fullers shares rose 0.5 per cent to 106p in early trade on Wednesday.