Leading Irish businessmen JP McManus and John Magnier are key players in the push into food sales by pubs in Britain through their stake in pub group Mitchells & Butlers. According to The Publican, Britain's 52,000 pubs have passed a landmark that could make them increasingly resemble restaurants in the 21st century. For the first time, the trade magazine reported, alehouses now rely more on food (52%) than drink for their sales.
Pubs have been hit by a wine lake of troubles, including the smoking ban, rising alcohol duty and falling beer consumption, competition from supermarkets, and the recession. Although closures have slowed from the record rate of 52 a week in the first half of last year, one in 10 pubs has shut in the last five years.
Pub bosses have identified food as their salvation. During the past two decades, spending on eating out in Britain has doubled to £43bn (€52bn), while drinking out has stayed static at £29bn (€35bn) in the past five years, despite price rises.
Mitchells & Butlers has split its public houses into two groups: 1,065 'pubs and bars' and 814 'restaurant' pubs, including the Harvester brand.
Last November, M&B told investors why eating out was such a good bet. "Growing wealth, increasing distribution, and a number of social factors, particularly the increase in the proportion of working women, have all contributed to this growth," it said .
Sales may not be quite as high as that implied by the publication. Mark Brumby, an industry analyst at Langton Capital, advised clients that the figures "presumably include drink sold with food because otherwise the numbers would not add up". Chains such as M&B had food levels around the 35% to 40% mark, he wrote.
://news.yahoo.com/s/afp/20100821/wl_afp/australiavote
Australian elections were yesterday and yet the media is totally ignoring it.......it appears the democrats have entered into Hiroshima 10 seconds before fat boy detonates......................pull the nuclear option voters. PRESS D for DELETE DEMOCRATS AND RINOS.
Heres one commentors comment………………..
This is a bad omen for the Democrats in the US. Considering the fact that Australia’s economy is not doing so badly, while the Socialist Obama has overdosed the US on debt and deficits, taxes, unprecedented wild spending, unemployment and hopelessness, this suggests the Dems may go down to a landslide, crashing defeat that they SO richly deserve. At least we’d have a chance to survive! God Save the United States of America!