Skip to main content

What’s Cooking EP #11

UK Budget deep dive with Kate Nicholls: Higher costs, zero relief

In this special episode of What's Cooking, Nory CEO Conor Sheridan sits down with Kate Nicholls OBE, Chair of UKHospitality, to dissect the UK Budget 2025 and what it really means for operators on the ground. The Chancellor promised "root and branch" reform of business rates and a reset that would lower bills for hospitality whilst increasing them for online giants. Instead, operators got the exact opposite. With National Living Wage rising 4.1%, employer National Insurance contributions jumping from 13.8% to 15%, and the NI threshold dropping from £9,100 to £5,000, the sector is facing thousands in additional costs per venue from April 2026. Kate doesn't hold back on how the government has "badly let down" the industry, but she also provides practical, actionable advice for operators trying to navigate these changes. From challenging business rates valuations to the case for VAT cuts, this episode gives you the tools and context you need to protect your P&L and understand the political landscape ahead.
By Conor Sherdian with Kate Nicholls OBE
December 2, 2025 - 42 mins
Listen on
Play
Next
Description
Transcript
Whether you're running a single-site independent or managing a multi-site operation, this is essential listening for anyone in UK hospitality right now
What You'll Learn in This Episode
  • How National Living Wage increases, NI contribution rises, and business rates changes will impact your P&L from April 2026, and why a typical 50-staff venue faces thousands in additional annual costs
  • Actionable advice on challenging business rates valuations through the VOA, verifying relief has been correctly applied, and strategies for menu engineering and efficiency improvements
  • Kate explains how the "root and branch" business rates reform delivered the opposite of what was promised, and what the harsh reality means for operators already struggling with no cash reserves
  • Why a VAT reduction (even 5 percentage points) would provide the fastest return on investment for government and deliver immediate relief to hospitality, with evidence from COVID and post-financial crash examples
  • The critical windows of opportunity including the Finance Bill, Scotland and Wales elections in May, and why making hospitality a political battleground issue is essential for survival

‍

Meet our guest

Kate Nicholls OBE is Chair of UK Hospitality and one of the industry's most influential voices, with decades of experience spanning Whitbread, the European Parliament, and 14+ years leading hospitality trade organisations - most notably becoming the sector's fiercest advocate during COVID when she fought to keep millions of jobs alive and get the industry reopened.

Connect with Kate

About the host

Conor Sheridan is the founder and CEO of Nory, an AI-powered restaurant management system alongside being the co-founder of Mad Egg. Conor blends hands-on restaurant experience with a passion for tech-driven efficiency and profitability in hospitality.

Connect with Conor Sheridan
Enjoyed the Episode?

Enjoyed the episode? Read our blog for more stories and insights from hospitality leaders.

Curious about how Nory helps brands run smarter, more profitable operations?
Speak to our team to learn more.

Another helping?

Headline
How Andrew Maxwell scaled Boojum and backed hospitality giants

In this episode of What’s Cooking? host Conor Sheridan, CEO and founder of Nory, chats with Andrew Maxwell, Operating Partner at Imbiba, about what it really takes to scale and invest in hospitality businesses. From growing Boojum into Ireland’s leading Mexican QSR to guiding high-growth brands like House of Gods, Andrew shares practical insights into the inflection points, red flags, and cultural foundations that drive sustainable grown.

Headline
5 brands & 250 locations: how Azzurri Group uses data

In this episode of What’s Cooking? host Conor Sheridan, CEO and founder of Nory, chats with Jim Hingston, Digital & Technology Director at Azzurri Group, about what it really takes to make digital transformation stick in hospitality. From integrating across five brands to prioritising projects that actually move the needle, Jim shares practical insights into building tech that delivers operational impact - not just dashboards.

Headline
The fast and furious arrival of Dave’s Hot Chicken to the UK

In this episode of What’s Cooking? Neil Remedios, Operations Lead for Dave’s Hot Chicken UK and Ireland, joins Conor Sheridan, CEO and founder of Nory, live from the 2025 Hospitality Tech Expo to unpack the fast, furious journey of scaling one of the world’s hottest QSR brands, under the Azzurri Group umbrella. From why a copy-and-paste localisation isn’t always possible, to launching 7 sites in under 12 months, Neil shares how operational discipline, team culture, and strategic systems fuel sustainable growth.