Insolvencies hit decade-high in hospitality sector
Based on figures from The Insolvency Service, the number of hospitality businesses entering an insolvency process has reached a decade high. Registered insolvencies have also increased by 61% between 2021 and 2022.
The Government’s Covid support measures propped up businesses during the pandemic but, despite the pandemic coming to an end, inflationary pressures, staff shortages and increased energy prices, among other factors, have meant that many businesses in the sector have struggled financially.
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