Profits fall for London restaurants since July bombings

11 October 2005
Profits fall for London restaurants since July bombings

London-based restaurants have seen profits drop by up to 30% since the July bombings, research has revealed.

The findings come from a new survey by the Forum of Private Business (FPB), which quizzed 1,000 small- and medium-sized businesses (SMEs) in the capital, many of them restaurants, to gauge the damage of the terror attacks.

FPB found more than half of those quizzed (58%) had seen their profits slump, with more than two-thirds (36%) by 30% or more.

Footfall was also sharply down for the majority of SMEs (63%).

Two-thirds of businesses (67%) said the congestion charge, which went up by 60% from £5 to £8 in July, had had a negative impact on trading.

FPB has accused London's mayor Ken Livingstone of not doing enough to help the capital's SMEs and called for a six-month suspension of the congestion charge to boost trading over Christmas.

Nick Goulding, chief executive of the FPB said: "Our members are telling us loud and clear that they are suffering because of the terror attacks and the congestion charge hike."

By Kerstin Kuhn

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