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Eamon McCusker, owner of Chubby Cherub and AM:PM restaurants in Belfast, has been facing some of the toughest cost pressures in his 22 years of experience. Although inflation fell to its target rate in May, small business owners like McCusker are still feeling the squeeze. While inflation has dropped significantly from its peak of 11.1% in October 2022, prices are still on the rise, just at a slower pace.
McCusker cited several factors that have contributed to declining profitability for the industry. He highlighted increases in wages, food and beverage costs, and utilities as major contributors to this decline. Many restaurants are struggling to make ends meet even with high levels of demand. McCusker emphasized the importance of profit for businesses to survive and thrive, noting that without it they cannot continue to operate.
One major challenge faced by hospitality businesses in Northern Ireland is the lack of a 75% discount on business rates bills, a benefit enjoyed by businesses in England and Wales. The Northern Ireland Executive received additional funding from the UK government as part of this decision but was left to determine how to allocate these funds. McCusker stressed the need for support within the sector to ensure independent businesses contribute to community diversity and character can survive.
With restrictions and cost pressures continuing to weigh on the industry, McCusker expressed concerns about the future of independent businesses in Northern Ireland. The lack of support and constant struggle to keep up with rising costs make it difficult for businesses like Chubby Cherub and AM:PM plan for growth and expansion. Many are simply focused on surviving day-to-day rather than thriving and building for future success.
Despite these challenges, McCusker remains optimistic about the future of his business and hopes that other small business owners will find ways to adapt
