The survey was conducted in collaboration with UKHospitality, British Beer and Pub Association and the British Institute of Innkeeping.

The survey highlighted that one in ten leaders (9%) predict their businesses will not survive if no additional support is announced in the Chancellor’s Budget on 3 March. Over a third of those surveyed (37%) believe their business can return a profit in 2021 without fresh support.

Phil Tate, group chief executive at CGA, said: “This survey shows business leaders will be walking a tightrope in 2021. Nearly 12 months on from hospitality’s first compulsory closure, many thousands of venues and jobs have now been lost for good.

“But it’s also encouraging to see that many businesses are optimistic about long-term prospects, and confident enough to be thinking about opening rather than closing sites. It’s clear that a year of significant churn lies ahead, and as in all periods of crisis there will be winners as well as losers.”

According to the CGA survey more than four in five hospitality leaders (81%) think the sector can make a positive contribution to the UK’s post-Covid recovery.

Sebastien Sepierre, managing director EMEA at Fourth, added: “The figures clearly show there is cautious optimism returning to some areas of the sector, as operators look ahead to life past the pandemic.

“What’s clear, is that the new landscape and operating climate of the hospitality industry will be fundamentally different to pre-pandemic, with a greater focus on driving efficiencies.

“Technology will be a pivotal tool in helping achieve this and we will be working as closely as ever with the industry and our partners to help them navigate the coming months and come back better.”