Diageo launches $100m recovery fund for bars
The global fund will enable the hospitality industry to get back up and running, safely
Beer and spirit producer, Diageo, has launched a $100 million fund, called 'Raising The Bar', to provide support for the hospitality industry in the recovery from Covid-19.
The entire industry was brought to its knees in March, when lockdown enforced closure to the public for safety. A number of establishments redirected their business towards take away, but those with no food based service have been largely sedentary for the duration. It's predicted 1 in 6 young people, a demographic who rely heavily on the hospitality industry, will be left unemployed, as a result.
Having had little or no income over that period, businesses are now faced with the cost of readying their establishments to safely reopen, in adherence with local government guidelines.
What will the support help with?
The fund will be available for all major hospitality centres around the world, each of whom can apply for access based on their individual needs, which will vary greatly. A survey was circulated in advance of the decision, asking each centre what they feel they need the most help with.
The biggest priorities have been stated as hygiene measures, digital support, and practical equipment to help adapt premises, as needed. These will include kits with PPE and sanitiser units and the facilitation of partnerships between pubs and the places they can use to keep stocked up, on an ongoing basis.
With the announcement, Diageo's chief executive, Ivan Menezes, said, "Pubs and bars sit at the heart of every community. We have launched “Raising the Bar” as so many outlets have been impacted by this crisis and badly need help to open their doors again.
"We are calling on governments around the world to provide long-term recovery packages to help the hospitality sector. These businesses play an essential role in bringing people together to socialise and celebrate – something that we have all missed so much during this terrible crisis – and sustain hundreds of millions of jobs, which provide a first foot on the employment ladder for young people."
The initiative will also offer advice to establishments on best practice, throughout the recovery, and support in the implementation and maintenance of safety measures.
The full statement is available here.