New company insolvency statistics from auditing firm RSM show insolvencies in hospitality saw a significant increase in the year to July, as an underwhelming summer compounded the challenges facing the sector.
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Newly released figures from the Insolvency Service show that a higher rate of UK insolvencies over the 12 months have been driven by pressures in consumer facing industries such as leisure, hospitality and retail. However, research suggests the worst might now be in the rear-view mirror, with an easing now expected to follow as the industry works through some of its core challenges.
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Pub closures reached the highest quarterly figure in a decade in Q1 2023, according to top 30 accountancy practice Price Bailey.
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UK restaurant company insolvencies in December of last year were the highest in at least four years says Mazars, the international audit, tax and advisory firm.
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Insolvencies of pub and bar companies have increased by 83% in the past year, from 280 in 2020/21 to 512, says UHY Hacker Young, the national accountancy group.
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The latest insolvency figures show just how hard the hospitality industry has been affected by the cost-of-living crisis and soaring energy bills, with pubs, bars and restaurants some of the worst hit among UK businesses.
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UK restaurant insolvencies have jumped 64% from 856 in 2020/21 to 1,406 in the past year as rising inflation and labour shortages drive restaurants out of business.
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