Set Up an F&B Restaurant Business in the United Kingdom
A quick glance at how to set up an F&B restaurant business in the UK by 3E Accounting.
As far as the food industry goes, there is always a market for food and beverage, or F&B. Statistics show that the food industry contributed approximately GBP148 billion to the economy. It is certainly the UK’s largest manufacturing sector and globally is expected to rake in approximately USD6111 billion. The United Kingdom has roughly a hundred thousand restaurants or food businesses. While Brexit and the pandemic have taken their toll, it remains an essential industry that has sustainable and scalable growth opportunities. Here’s how to set up an F&B restaurant business in the UK and get in on the food game.
Feeding the Masses
As a business, owning, operating, and running a restaurant is hard work, but the rewards can be highly fulfilling. If this is your dream business idea, then the following framework can help you get started:
- Business Plan: detailed and in-depth market analysis, research, branding strategy, and financial forecast need to be written up. Include your F&B concept and design as well as a working menu. Consider whether you want a full-fledged restaurant or a few pop-ups, or a market stall to test the waters first.
- Location, Suppliers and Equipment: it’s best to do your due diligence on these before actually starting. A large chunk of financials will be based on these areas.
- Business Registration: choose your entity structure and register with Companies House and HMRC. A sole proprietorship, limited company or partnership are quick and easy to set up.
Miscellaneous Considerations: includes setting up a business website, opening a bank account, installing restaurant-specific software, etc. You should also check and apply for a fair tariff on gas and electricity.
The most crucial part of starting any restaurant business is to ensure all licenses and permits are in place. The F&B industry is tightly regulated as food safety standards can adversely affect the public’s health and safety. The UK’s F&B industry is governed by the Food Standards Agency (FSA), which is a Government-appointed body. You should also know the hygiene standards and legislation thoroughly. This can be found on the Government’s Food Safety Regulations website.
Amongst others, your F&B business will need the following approvals from local area councils:
- Planning permission to ensure you can use the premises as a restaurant.
- Food premises license to handle all dairy and meat products.
- Alcohol licence to sell alcohol to be consumed in the restaurant.
- Food hygiene certificate.
- Pest control certification.
As part of your compliance with regulations, you will also need to record details on food product purchases meticulously. These need to be presented for inspection by the relevant inspectors.
As this quick read on how to set up an F&B restaurant business in the UK indicates, setting up is quite a process. 3E Accounting is ready to assist with customisable business solutions. We’re happy to do all the leg work, leaving you free to focus on running the business. Contact 3E Accounting today and speak to our team of company formation experts for all the help and guidance you need.