The latest company insolvency statistics reveal a 20% increase in accommodation and food service insolvencies over the year to May 2024, rising from 3,133 in the 12 months to May 2023 to 3,752 in the 12 months to May 2024. However, there was a 9% decrease in month-on-month insolvencies in May 2024.
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The UK hospitality sector continues to experience a turbulent period, as highlighted by a series of reports and statistics. Despite significant challenges, the industry demonstrated resilience with a notable year-on-year sales growth in May 2024.
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In March 2024, Britain’s leading hospitality groups achieved above-inflation like-for-like sales growth of 5.2%, according to the latest CGA RSM Hospitality Business Tracker.
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