Businesses need to be 'emotionally ready' says Digbeth bar owner

Tommy Matthews's business has been open for three weeks

A bar owner who spent four years trying to find premises in Birmingham, has said businesses need to be "emotionally ready" for anything.

First-time owner Tommy Matthews opened his cocktail bar Passing Fancies, in Digbeth, three weeks ago.

It has been a tough time for firms, despite recent support announced by government.

"If Covid taught us anything it's that businesses have to be versatile," Mr Matthews said.

"It's always going to be scary. It's always going to be stressful.

"You have to expect these things and you have to be emotionally ready for them and you have to have plans in place."

While new figures from the Office for National Statistics (ONS) showed the UK economy narrowly avoided entering recession, businesses have faced a perfect storm.

As well as market turmoil driving up the cost of imports, energy bills have soared and interest rates have risen, while the government is attempting to halt a slump in consumer spending.

Sarah Willingham was speaking ahead of the launch of The Cocktail Club in Birmingham

Sarah Willingham, a former star of the BBC's Dragon's Den, is also opening a new cocktail bar in Birmingham and said for businesses to work, "you've got to be the best of the best" to survive in the current economic climate.

"I think when you start a new business in any time of change, whether you're in a market that's booming or a market that's actually going down, the challenge with a recession is there's absolutely no place for mediocrity," she said.

One recently published survey ranked Birmingham as the UK's most vibrant city, the Morning Advertiser reported.

It followed research from CGA by NielsenIQ and Wireless Social and used data gathered during the Commonwealth Games, but the study also warned trading was likely to remain challenging.

Becky Frall from West Midlands Growth Company highlighted the role of tourism in rebuilding the economy

West Midlands Growth Company, which helps businesses to establish themselves and grow, said it expected an increase in tourism.

The region's local enterprise partnerships, local authorities, growth hubs, universities and businesses came together to create the company.

Head of tourism there Becky Frall said: "It's ironic that although... the devaluation of the pound can be difficult trading conditions for businesses, it will mean that we have a high proportion of international visitors coming.

"It's more valuable for them to come here and spend and that's really positive coming through Birmingham Airport, the recovery of international tourism, which was of course decimated through Covid."