World Cup woe to cost econony £1.2bn say Begbies

ENGLAND’S disappointing failure to progress beyond the group stages in the World Cup could end up costing the economy more than £1.2bn, according to turnaround firm Begbies Traynor.

The Manchester firm, believes that while the holiday sector may benefit, the ineptitude of Roy’s boys will dent revenues at pubs, sports retailers and bookmakers.

Partner Gary Lee said: “Bookmakers may be pleased that those optimists who predicted an England win have lost their stake already, especially as this was the first time England has been knocked out of the World Cup in the group stage since 1958, but they will miss out as betting levels now tail off.

“The other big losers from England’s failure look set to be pubs, supermarkets and sportswear retailers, as the feel good factor came to an abrupt stop and World Cup parties ended before they even got going.”

Figures show that each England goal was worth £198.5m to the economy. Each England fan would have spent, on average, an additional £56 if the team reached the quarter-final.

The firm believes sports apparel firms now face a potential £300m shortfall due to overstocking on England-themed mechandise uch as replica shirts and flags.

While fans were were supping 37 million pints a day during England’s short-lived stay in Brazil; this is now expected to drop to 24 million.  Similarly, takeaway firm Domino’s said they would have delivered an extra 12 million pizzas if England had reached the quarter-finals.

Economists also predict that supermarkets such as Sainsbury’s, Tesco and Waitrose will miss out on a footballing feel-good windfall through reduced sales in food, alcohol and barbecue promotions.

Mr Lee added: “While many other businesses lose out from the £1.2bn that progression to the quarter finals was set to earn the UK economy, travel agents have been boosted following England’s early exit from the World Cup as supporters book early holidays.”