Greene King Share News (GNK)

(Sharecast News) - Pubs and licensed premises closures doubled over the last three months, leading to concern that the traditional 'local' pub may soon become a thing of the past.Roughly eight pubs, restaurants or bars have closed every day over the last year, with Britain now containing a total of 3,116 fewer licensed premises than at the same point last year, a 2.5% decline according to consultancy duo CGA and AlixPartners.Welsh-licenced premises were hit hardest with a 3.4% decrease, while London faced a 2.3% decline and the West Midlands got off lightest with a drop of just 1%.The closures came in spite of the fact that the UK enjoyed its joint hottest summer on record and the England team sensationally progressing to the semi-finals of the World Cup, both of which boosted business.However, CGA vice-president Peter Martin said that the closures were unsurprising given the "multitude of challenges facing the sector," which include fierce competition, flat like-for-like sales and escalating input costs."People continue to eat and drink out, and new and exciting restaurant, pub and bar brands are still achieving impressive growth. But competition from these dynamic start-ups, rising costs and the fickle nature of many consumers are combining to turn up the heat on established restaurant brands. In the current climate, standing still is simply not an option," said Martin.High profile casualties in the industry this year include Jamie's Italian, Byron Hamburgers and Carluccio's.Pubs that offer well executed food and accommodation on offer remain attractive to investors due to diversified revenue streams and broader trading windows, according to AlixPartners managing director Graeme Smith."The monitor tells the story of a market responding to current pressures," Smith said."Restaurant expansion is still on the agenda for some companies, particularly in those locations across the UK that have previously been under-served by casual dining operators, but management teams and investors need to carefully consider their opening strategies."The news comes after pub giant Greene King impressed investors last week by posting a 2.8% increase in like-for-like sales, selling 3.7m pints during England's seven matches in Russia.