Nava Coffee House in Ringwood closed due to rising costs after six years in business
Nava opened six years ago on High Street with the goal of creating a welcoming social space. The owners believe they successfully achieved this, taking pride in their creation.
A spokesperson explained the difficult decision, citing the unsustainable costs of running a small business. Rising costs, they said, had made it too challenging to continue.
The owners expressed deep gratitude to their loyal customers, acknowledging their crucial role in Nava’s success. They also apologized for any disappointment caused by the closure.
The owners extended their thanks to their dedicated staff, appreciating their hard work and valuable contributions over the years. They expressed confidence that the current staff members would excel in future employment opportunities.
Many companies are facing increased costs this April due to rising employer national insurance and the national minimum wage. This combination is creating added pressure on businesses.
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Rachel Reeves has confirmed plans for a higher national insurance rate of 15 percent by April 2025, impacting earnings above £5,000, a decrease from the current £9,100 threshold.
The government defends these budget plans, arguing they are essential for improving the country’s finances. They believe these measures will allow for investments in various industries, stimulating economic growth.
Begbies Traynor’s research revealed a significant number of firms struggling financially, with 655,000 in distress at the end of 2024. This represents a fifth more than the previous year, highlighting increasing economic challenges.