Fullers warns of profit squeeze
Saturday 26 November 2011
The London Pride brewer Fuller, Smith & Turner warned of a profits squeeze yesterday as it struggles to pass on rising beer duty to cash-strapped customers.
The group made lower margins on drink sales in the half-year to 1 October as it was unable to pass on a 7 per cent rise in tax and said it will face a further hit from March when the tax is proposed to go up by the same amount.
The company launched a vocal call for the tax to be abolished ahead of the Chancellor's Autumn Statement on Tuesday, claiming it is damaging the economy and the pub industry.
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