Mike Ryan is the owner of Coqbull and Cornstore and says he expects some hospitality businesses will be forced to close next year due to decreased margins and the inability to pass cost increases fully onto customers.
Restaurant owners are already taking items like salmon, which has doubled in price in the past three years, off the menu, while the price of energy, fuel and fertiliser has increased significantly this year.
Speaking to RedFM News, Mike Ryan outlines how events in other countries will lead to increased costs for hospitality businesses here:
"Holland would be a massive supplier of veg to Ireland and England. A lot of them pre-buy their gas because all their tunnels are heated by gas. They pre-bought gas, the gas price doubled so they sold it back into the market and a lot of them didn't plant because they know the price of what their labour is going to be and what the cost of their fertiliser is going to be. So next year there's an awful lot of the Dutch market that have not planted. They're saying if they're lucky, Ukraine can plant 80% of their crops. We've been told how big of a supplier they are for grain and other produce- that 20% cap is going to be huge.
