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Ub Group Fuller’s said its gas and electricity bills would rise by £10m without them Govt support as companies await details of the package to be unveiled this week.

The group, which owns 385 pubs, said it expects its energy bill to more than double this year from £8m to £18m.

Enterprises the entire hospitality sector has seen an unsustainable increase in energy costs,” the executive director Simon Emeni said.

“While we have been actively purchasing forward contracts to limit exposure to Fuller’s, we will see significant growth this year and urge the government to bring much-needed clarity to its proposed support package so we can plan accordingly.”

The company told shareholders it had seen “good progress on a number of initiatives” to help lower energy bills and mitigate rising costs.

“We are looking forward to the upcoming FIFA World Cup and our first Christmas without restrictions in three years

It came as the hospitality firm revealed that sales in the 25 weeks to September 17 were up 21% year-on-year.

However, the firm said it was aware of the cost pressures its own clients were facing.

Mr Emeni added: “While sales continue to recover from the effects of the pandemic, we recognize that consumers are facing increasingly challenging times.

“We are looking forward to the upcoming FIFA World Cup and our first off-limits Christmas in 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, assets and financial strength to deliver sustainable returns over the long term.”

Actions Fuller’s fell 3.1% to 492.1 pence on Tuesday.

https://www.standard.co.uk/business/business-news/pub-firm-fuller-s-set-for-ps10m-energy-bill-hike-without-government-help-b1026864.html

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