Running a pub in an unpredictable economy

Mark Ferguson of Favouritetable speaks with Laurence Coveney, Owner of The Thatched Tavern near Ascot, Berkshire, about running a historic UK pub restaurant in today’s challenging economic environment. 

Q: Tell us about The Thatched Tavern – what makes it special, and how did you come to own it? 

A: The Thatched Tavern is a 500-year-old building in Cheapside, just outside Ascot. It’s a beautiful location, away from the Royal Ascot rush, yet close enough to benefit from the area’s prestige.  

I’ve owned it for 23 years now. My journey started during university, I needed beer money and got a job at a student bar. One thing led to another, and I ended up working for a pub group that owned The Thatched Tavern. Eventually, my brother and I completed a management buyout, running six pub restaurants at one point. Now, I’m fully focused on The Thatched Tavern. 

Q: Has the journey always been smooth, or have you faced challenges along the way? 

A: It’s never smooth sailing. Every year I hope for a ‘steady’ one, and without fail, something major comes along, be it economic turmoil, new legislation, or a global crisis. COVID, energy cost hikes, wage increases, business rates, national insurance... none of it is within my control. But you have to adapt, absorb the shocks, and carry on. 

Q: Despite the difficulties, what keeps you passionate about the job? 

A: It’s the variety. No two days are the same. You meet incredible people, from loyal locals to international tourists, and you get to make their experience memorable. That moment when someone from overseas looks around and says, “Wow, aren’t you lucky to own this?” makes it all worthwhile. It’s deeply rewarding when people walk out smiling. 

Q: How is the current economic climate affecting you? 

A: The unpredictability is the hardest part. Pre-COVID, bookings gave you a reliable sense of what the day would look like. Now, it’s anyone’s guess. Sometimes you’re booked solid and it's quiet, other times it’s the reverse.  

Overheads have also been a big challenge this year, food inflation, utilities, wages, and business rates—it all adds up. Customers are still coming and spending, but they’re at their limit. We’ve hit the ceiling on what we can charge, yet costs behind the scenes keep climbing. 

That said, our locals understand. When we explain the pressures, they’re sympathetic. They want us to survive. It’s not profiteering, we’re doing just enough to keep the doors open. 

Q: How can technology help in such a challenging environment? 

A: Smart tech is essential, not a luxury. You can’t replace human staff with AI in hospitality, this is a people business. But the right tech can massively ease the load. Favouritetable’s tools have made a real difference for us. 

For example, the pre-ordering and booking system is fantastic, especially for large groups and corporate bookings. It saves us hours and makes it easy for customers to organise their parties. The system sends out links, chases pre-orders, and even prints name cards. That functionality alone wins us business. 

The automated review responses are another time-saver, especially when you can personalise them.  

And the marketing tools let us target people who’ve already opted in, with much better open rates and engagement than generic campaigns. 

Q: Are there features within Favouritetable that stand out most to you? 

A: The system is clearly built by people who understand the industry. It removes time-consuming admin and allows us to focus on what really matters, our guests. The pre-ordering system, especially during Christmas, has been invaluable.  

Corporate business is finally coming back post-COVID, and these tools make managing big bookings much easier. 

Marketing integrations are also strong—email campaigns go out directly to people who’ve dined with us and opted in. It’s more personal and more effective. And crucially, all of this innovation isn’t coming at a rising cost. That’s important. 

Q: What do you expect from the industry in the coming months? 

A: I wish I had a crystal ball. Honestly, what we need is a period of stability and predictability. I want to focus on making the business better and keeping customers happy, without being blindsided by yet another policy change or economic shock. 

We’ve already started thinking about Christmas, our menus are being booked now. My hope is that we get a clear run without any disruptions. We’ve got summer events planned, including barbecues and live music, so fingers crossed for good weather and steady trade. 

Q: What’s your advice to fellow operators in this sector right now? 

A: Don’t go it alone—lean on your team. I’ve had my head chef, who I first hired in 1999, return to the business after gaining experience elsewhere. Many of my team have been here for 5–10 years. Their input is vital. We sit down regularly to ask, “What can we do better?” 

Also, don’t ignore technology. The right tools can make a huge difference—freeing up time, improving customer experience, and driving efficiency. You can’t afford to stand still in this environment. 

Q: Any final thoughts? 

A: Just that I’m optimistic. Hospitality is tough, but it’s also joyful. We get to make people’s day better. If we can just have a few months of calm, keep innovating, and focus on what we do best, we’ll get through it. 

And to the Favouritetable team—keep doing what you’re doing. The platform works because it keeps improving, and it shows that you genuinely understand the pressures we’re under. 

Conclusion: 

Laurence Coveney’s story of resilience at The Thatched Tavern reflects the wider challenges and hopes of UK hospitality. 

Amid economic unpredictability, rising costs, and changing customer behaviour, he remains committed to delivering a quality experience while embracing technology to drive efficiency. Like many operators, he hopes for stability, and the chance to focus on what he loves most: welcoming customers, serving great food, and running a pub with pride. 

Know more about Favouritetable's Pub Management Software here.