A historic pub in London, The Gun, has closed its doors after 160 years of service, citing "unsustainable" trading conditions as the reason for its abrupt demise. The decision to shut down comes just days ahead of the Spring Budget, where Chancellor Rachel Reeves is expected to announce a series of tax measures that many believe could impact small businesses negatively.
The Gun, located in Homerton, was a well-known venue for music enthusiasts and diners alike. Managed by Nick Stephens and Hanna-Sinclair Stephens, the pub underwent significant renovations in 2013, restoring many of its Victorian features and establishing itself as a beloved local gathering spot with a capacity for just 90 patrons. However, the Covid-19 pandemic posed substantial operational challenges, forcing the establishment to rely on community support through a GoFundMe campaign that raised over £30,000 in a single day to help keep it afloat. Despite these efforts, rising operational costs have ultimately led to its closure.
Nick Stephens expressed his disappointment regarding the situation: “The Gun has faced many challenges over the years, and despite our very best efforts it has become unsustainable to continue trading.” Accompanying the closure was an acknowledgment of the community's support, with Stephens extending his gratitude to loyal staff and patrons for their contributions to the pub's unique cultural atmosphere.
As the pub community grapples with this closure, industry stakeholders are eyeing the upcoming Spring Budget announcement, slated for March 26. Chancellor Reeves is anticipated to outline increases in National Insurance contributions and cuts to business rate relief, decisions that could exacerbate the already precarious position of many small enterprises. A recent survey conducted by the London Chamber of Commerce and Industry revealed that over 51 per cent of businesses believe increased National Insurance contributions will negatively impact their performance.
The closure of The Gun may serve as a bellwether for the hospitality sector in London as it continues to navigate the aftermath of the pandemic and confront escalating operational costs. The Stephens have indicated plans to shift focus to their Islington establishment, The Compton Arms, while expressing hopes for future opportunities to open another music-led venue. The dynamics of the liquor-serving industry suggest potential shifts, encouraging brands to align strategies in anticipation of ongoing and evolving market pressures.
Source: Noah Wire Services