UK SMEs and local communities could benefit from King Charles III Coronation weekend

With the highly anticipated Royal Coronation weekend fast approaching, businesses of all sizes are gearing up for an exciting time ahead. Among them, small and medium-sized enterprises (SMEs) are eagerly anticipating the potential boost in revenue and the opportunity to provide unforgettable experiences for their customers.

As the world watches the crowning of King Charles III and Queen Camilla, local communities and SMEs are set to reap the benefits of this momentous occasion, with businesses of all types working hard to ensure they make the most of this once-in-a-lifetime opportunity. Here at International Business Times UK, we wanted to explore how SMEs are preparing for the Royal Coronation and the potential benefits that await them.

The quarterly research indicated that SMEs in the hotel and leisure industries anticipate an average increase in sales of £1,299.79 over the Coronation weekend. According to business population estimates from the ONS, this increase in revenue is equivalent to 138,400 SMEs in food and beverage service activities, including pubs and restaurants, among others. As a result, businesses in the hospitality and leisure industries are set to make £180 million in total during the Coronation weekend. Additionally, pubs bars and clubs agreed to stay open until the early hours of the morning over the weekend of King Charles III's coronation in a decision backed by the Home Secretary

According to the latest quarterly Barclays SME Barometer, nearly three-fifths of small business leaders anticipate a 10 per cent increase in revenue this quarter compared to the same period –first three months of 2023 – earlier this year, all thanks to the King's Coronation weekend.

According to business population estimates from the ONS, this increase in revenue is equivalent to 138,400 SMEs in "food and beverage service activities," including pubs and restaurants, among others. As a result, businesses in the hospitality and leisure industries are set to make £180 million in total during the Coronation weekend. Additionally, pubs bars and clubs agreed to stay open until the early hours of the morning over the weekend of King Charles III's coronation in a decision backed by the Home Secretary

The first quarter of the year (January 2023 – March 2023) has already been prosperous for UK SMEs, with more than half, 56 per cent, reporting an increase in revenue from the previous quarter. In addition, optimism among small businesses is at its highest point in a year, with 43 per cent of SME executives feeling optimistic about the future.

The value of payments to SMEs has also increased, with Barclaycard Payments processing one in three debit and credit card payments in the UK. Two out of five hospitality companies anticipate the Coronation weekend to boost sales, with a third intending to take advantage of the extended license hours. Meanwhile, 25 per cent of SMEs in the hospitality industry anticipate a surge in local support for their business.

Retail research predicts that hospitality establishments such as pubs, bars and restaurants will see an increase in spending by £194.04 million due to the additional two hours of trading on the Coronation weekend and the bank holiday on Monday.

While SMEs are optimistic about the potential revenue increase, there are still concerns about the cost of energy, with nearly 73 per cent of SMEs worried about its impact on their business. Despite this, for many SMEs, the research revealed the plan of 39 per cent to reinvest in their companies and increase their workforce, with an average of eight new hires per company.

Commenting on this, Colin O'Flaherty, Head of SME at Barclaycard, seeing that businesses intend to capitalise on the Coronation weekend, expecting increases in revenue, is amazing, while stressing that consumers are also making the most of the long weekend, eating and drinking out.

O'Flaherty added that it's not unexpected that businesses continue to have more general concerns in the short term, whether they relate to energy prices or fundamental cost of living difficulties. He further stressed the importance of SMEs as the backbone of the economy, saying with several bank holidays coming up in May, it's more crucial than ever to make sure we support local companies whenever we can.

With the UK economy showing signs of recovery, supporting local businesses during the bank holidays is more important than ever.

The solemn religious ceremony at the heart of the Coronation has mostly remained the same for over a thousand years. The Archbishop of Canterbury in Westminster Abbey in London has conducted the service for the past 900 years. Following a time of mourning, the Coronation of a new Sovereign occurs in the months following their accession.