Beloved independent bakery Coughlans has officially entered voluntary liquidation, a move attributed to the significant financial strain of rising business rates and increased National Insurance contributions.
The closure has drawn a reaction from comedian Romesh Ranganathan, a known supporter of the establishment, who took to social media to express that he is “gutted” by the news. His comments highlight the personal impact the loss of the local business has had on the community.
A Climate of Rising Costs
The decision to shut down underscores the difficult economic environment currently facing small businesses in the hospitality sector. Owners point specifically to recent hikes in operational taxes as the deciding factor in making the company financially unviable.
Source: BBC News