Abstract
Starting a new food and beverage business is a complex and often daunting task for any manager or entrepreneur. While the allure of launching a unique dining concept can be strong, the reality is that the UK hospitality sector continues to face high volatility. In 2024 alone, there were 4,085 new hospitality venues opened and 4,078 closures, reflecting a near 1:1 ratio (AlixPartners, 2024). Despite steady entrepreneurial interest, survival rates remain sobering. Recent data shows that around 60% of new restaurants close within their first year, and up to 80% shut down within five years of opening (BigHospitality, 2024). The Office for National Statistics (ONS) also reports that only 37-44% of new hotel and catering businesses survive beyond five years (ONS, 2023).