UK visitors to Irish pubs increased their spend by 6 per cent last year despite a significant reduction in their numbers visiting the Republic, a new report shows.
There was a 6 per cent Brexit-inspired decline in UK visitors last year, but a report by AIB on the pub sector shows the future risk to hostelries is “not excessive”.
Pubs in rural areas have to turn over at least €8,000 per week or they may not survive, according to a new report.
AIB’s Pubs Outlook report for 2018 found the industry, which employs 230,000 people, is on the road to recovery with significant demand for pubs in key urban areas.
There were 7,840 pubs and licensed premises registered with the Revenue Commissioners at the end of September last year, according to figures supplied by the Vintners’ Federation of Ireland (VFI).
More than half, 4,041, turn over less than €190,000 per annum — €3,650 per week. A total of 5,877 are turning over nearly €380,000 — €7,300 per week.
Cork had the highest number of pubs in the country last year with 955, compared to Dublin with 722.
Mayo has the most pubs per person in the country, with 373 pubs, or one for every 323 people;
Laois has the fewest pubs with 123, or one for every 733 people.
Over the last five years, as many as 60 per cent of all transactions in the Dublin market were insolvency-related. The market is now approaching pre-recession levels of normality with around 4-5 per cent of stock changing hands every year.