What the extra bank holiday means for small businesses

If you’re a hospitality, leisure, or retail business, then you’ll likely be hoping for a much-needed boost from the bank holiday marking the coronation of King Charles III.

As this additional bank holiday draws nearer, we’re taking a look at what this historic day means for small businesses across the country.

When is the bank holiday to mark King Charles’s coronation?

King Charles III ascended the throne in September 2022 but won’t officially be crowned as king until Saturday 6 May 2023. As this falls on a weekend, the bank holiday to celebrate this day will be on Monday 8 May 2023.

Licencing hours extended for pubs

Pubs, clubs, and bars across England and Wales are welcoming extended hours over the weekend of the coronation.

Closing times have been extended from 11pm to 1am from Friday 5 May to Sunday 7 May.

Home Secretary, Suella Braverman said: “His Majesty The King’s Coronation will be a momentous occasion deserving of special celebration. That is why I am extending the licensing hours over this historic coronation weekend. Up and down the country, people can enjoy an extra pint or two in the evening while families and friends can come together to wish His Majesty The King a long and happy reign.”

This extension came after a month-long consultation – with 77 per cent of the public voting in favour of the longer trading hours.

Hospitality sector set to benefit from street parties

Communities and businesses across the UK will be planning street parties to celebrate the king’s coronation in May.

If you’re a local pub, extending out onto the street with music and an outdoor bar could be a great way to attract more customers and connect with your community.

However, there’s a few things you’ll need to do first:

• apply for a road closure with your local authority
• apply for a temporary event licence if you’re selling alcohol separately to your premises (on the street)
• comply with food safety and labelling regulations
• do a thorough risk assessment
• check your business insurance covers you for outdoor events

Food truck businesses and children’s entertainment businesses may also see a peak in demand as the nation gathers for parties and events over the weekend.

Are all staff entitled to paid leave on the extra bank holiday?

Did you know that there’s no legal entitlement for employers to provide paid leave on bank holidays? This means that as a small business owner, you can choose to do whatever is right for your business. However you choose to treat this upcoming event, your stance on bank holidays should be clearly stated in your employees’ employment contract.

Help out this bank holiday

Businesses interested in raising community spirit and doing good have the perfect opportunity this bank holiday. To mark the king’s coronation, businesses and individuals alike are invited to take part in The Big Help Out by volunteering in their community.

This initiative is helping to highlight different volunteering opportunities in your community to boost morale and make a difference. Business owners can invite their customers and their community to volunteer within their business and aid community spirit. But if you don’t think there are any ways your business can help out, you can also use this this time to volunteer with another cause close to your heart.

Is your business doing anything special to mark the occasion? Let us know in the comments.

Small business guides and resources

• Self-employed holiday pay: what are you entitled to?
• 7 tips for advertising your small businesses – an expert guide
• A guide to overtime pay for employers
• How to hire temporary employees – a step-by-step guide
• What does business insurance cover?

Photograph: Monkey Business/stock.adobe.com