However, only one third of UK hospitality firms are optimistic about their future because of rising energy prices and rising food costs, industry bosses have warned.
Pubs, bars and restaurants say their energy prices have risen an average of 81% in the past year, a result of rising food and wage costs.
The prices of gas, which rose after Russia's Invasion of Ukraine, have dipped to their lowest levels since the conflict began.
But with retail prices still falling back into line and with some pubs and restaurants locked into long-term fixed rate contracts, hospitality bosses say just 29% of businesses say they feel optimistic about the next 12 months.
They say pubs, bars and restaurants have been at a breaking point for a year now, and warn venues will shut for good if cost pressures do not ease soon.
Four of the UK's biggest hospitality industry groups, the British Institute of Innkeeping, UKHospitality, the British Beer and Pub Association and Hospitality Ulster, have asked for more support from the government.
The Energy Bill relief scheme has provided a short respite but with it falling away last month businesses are back to paying high costs, with no end in sight for the thousands locked into contracts that will be obligated to pay extortionate rates well into next year.
The government needs to acknowledge that this crisis isn t just crippling businesses now.
It will have a lasting impact on local employment, supply chains and removing essential community hubs from villages, towns and cities across the UK, including those that are unresolved. It comes as the data collected by CGA by NielsenIQ on behalf of the groups reveals that 86% of hospitality firms are worried about energy costs going forward.
In addition, analysis of official Government data by the commercial real estate specialist Altus Group found that more than 150 pubs have disappeared for good from English and Welsh communities over the first three months of 2023.
This represents a 60% jump on the previous year's levels.
This data, they say, is extremely worrying for thousands of otherwise viable hospitality businesses.
The government has introduced its Energy Bill Relief Scheme, a discount on gas prices for businesses in October last year.
The program, which the government said saved businesses a total of 6.9 bn in energy costs, was due to expire in March.
It was also renewed as the Energy Bill Discount Scheme in January to boost businesses, including those signed up to expensive longer-term deals.
The new scheme, which offers a lower level of support than the previous one, will be commissioned by the government until March 2024.
The global energy prices have fallen significantly and are now at their lowest level since Russia's illegal invasion of Ukraine, a government spokeswoman said.
The government's support reflects this welcome decrease in prices, but we will continue to stand by businesses.
We are also supporting the hospitality industry with support like freezing of alcohol duty, cutting energy bills, a 13.6 billion business rates relief package and a 2.4 billion fuel duty cut.