Greene King's CEO Nick Mackenzie has called for a reform of the business rates system, advocating for a shift from turnover-based taxation to a profit-linked model to assist the struggling pub sector. The existing model taxes pubs based on assumed turnover rather than actual profits, aggravating their financial difficulties. Greene King's recent report indicated a £147 million pre-tax loss for 2024, attributed to rising costs and outdated taxes. Mackenzie emphasizes the need for fairness in the tax system to reflect the importance of pubs as community hubs and employers.
The current structure where pubs are taxed on the assumed turnover rather than actual profitability hastens the decline of high street pubs operating on thin margins.
Greene King's £147 million pre-tax loss in 2024 highlights the impact of rising costs and outdated taxes on the pub sector's performance.
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