The financial crash of 2008 may seem along time ago but its effects are still being felt across the UK, perhaps most acutely across northern towns and cities.
But – happily – Hull is bucking that trend. Buoyed by a positive year as City of Culture, the city centre economy has been lifted in recent months, primarily down to eateries and bars popping up across the locale.
More than 50 new hospitality businesses have opened in the Old Town area, the well-documented development of Fruit Market has provided space for independents and small chains as well as celebrity chefs such as Gino Decampo, Marco Pierre White and possibly Jamie Oliver forming a presence in the city.
It’s a far cry from a couple of years ago when the city centre was lagging in activity outside of the traditional high street and office work.
However, it’s important not to get carried away with such a rapid rise to success. Many businesses suffer the ignominy of having to close down within the first 12 months of trading.
In order to negate this, careful management of resources and finances is required. As a first time business owner it can also be easy to fall in to common industry pitfalls.
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