...Fitch Ratings considers that the UK pub sector is facing some of the most challenging trading conditions since the agency has been assigning and monitoring ratings on whole business pub securitisations and probably even since the beer orders were implemented. According to the British Beer and Pub Association (BBPA), on\##trade beer sales fell by #.#% in #### and #,### pubs closed (compared with ### in ####). Two years after the introduction of the new licensing system and one year after the start of the English smoking ban, the industry is now faced with high cost pressures on food, beer and energy prices, and an uncertain retail and consumer environment. Add to this ominous cocktail a price gap on alcohol with the off\##trade still widening, long\##lasting poor weather since summer ####, a high above\##inflation increase in alcohol duties, and England not taking part in the Euro #### football championships this summer...
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