Sligo town shop owner warns that businesses cannot sustain “staggering” hikes in energy costs

A SLIGO shop owner has warned his business, which employs 24 people, cannot sustain staggering increases in energy prices which will see his electricity bill jump from €3,500 per month to €8,000 per month.

Finbar Filan, who runs a busy Centra store in Sligo’s town centre, told the Sligo Weekender his energy bills will jump from €36,000 per annum to as much as €100,000 per annum, which, without Government support in the upcoming budget, is unsustainable.

“Unless we get Government help, we will go to the wall as will many other small businesses where lighting, cooking, use of fridges, heating and washing machine costs are a major factor,” he said. He says his business, which has high energy consumption running multiple fridges 24-7, is typical of many others in Sligo and the country which will be faced with massive energy cost increases they simply cannot sustain.

“If you take places like Sligo University Hospital, ATU Sligo, or local hotels where energy costs are a major part of their cost, what is coming our way in October is a serious concern, unless the Government steps in and supports us.

“My belief is that it will happen, and it needs to happen. To be fair when we raised the issues around Covid and the need for business supports, after a slow start the Government did act and the initiatives, they took were very important. While initiatives to support small businesses in other countries are already in vogue, my belief is that the Government here will react to support us,” he said.

Mr Filan, who is a council member of the small businesses’ group ISME, is one of thousands of small business owners who fear they may go bust unless the Government offers them an energy support package in the upcoming Budget.

“We need an energy support package to ensure we can keep our doors open,” Mr Filan said this week as businesses come to terms with further hikes in energy costs which are expected in October.

“My business, like most SMEs, cannot sustain ongoing cost increases of this magnitude. SMEs are only starting to get back on their feet after Covid, most do not have the financial security net to cope with the current energy increases.

The Centra Store on Castle Street runs 22 fridges, 24 hours per day and seven days per week. He said this week that any cost savings possible in terms of energy consumption have been made by him. “There’s no more fat to cut,” he said.

“Now is the time for the Government to support thoses businesses, to ensure they remain in business, keep people in jobs and provide service to consumers at an affordable cost for all,” Mr Filan added.