A further 1,000 UK pubs need to close within the next two years to reach a sustainable equilibrium of 47,000 pubs. That’s the view of commercial agent Christie + Co its its newly released Business Outlook publication.

Although many pubs have closed, those that remain are, generally speaking, more viable and sustainable trading businesses, the agent says.

Christie CoIn 2018, a number of operators saw more opportunity in the pub sector than in the restaurant sector, and stalwarts, including FullersMarston’s and Punch Taverns, acquired small portfolios in package deals.

The sector still faces major challenges, though, such as rising costs, the living wage, apprenticeship levy and pensions, as well as building costs, such as rent and rates.

The report adds: “National and regional operators, such as Greene King, Marston’s, McMullen & Sons and JW Lees, are all investing in new-builds in either prominent locations or within large housing developments.

“Operators who have embraced emerging trends have differentiated themselves from the competition and ensured that they have maximised their relevance to the consumer.”

There’s also Brexit good news: the devaluation of thepound has made the UK attractive to foreign tourists, and they all want to visit the Great British pub.