The insolvencies of pubs, bars and restaurants have increased by 72% in the past year, reaching 20,512 from 11,949. Operators filing for insolvency was high in the month of August with 216 insolvencies, up 37% from 158 in July.
Adam Harris, a partner at Mazars said:
“Many UK businesses were already in a weak position before energy prices surged. The size of energy price rises was always likely to cause some businesses to close, but the scale and pace of these insolvencies are concerning. Small business owners in particular are struggling under the weight of multiple crises.”
“As energy costs spiral and interest costs rise, customers are cutting spends on non-essentials such as eating out.”
The hospitality sector is facing a extremely challenging environment, as the cost-of-living crisis hits businesses from both sides...
This has been experienced by 'Bill’s', the Richard Caring-baked group, which has now closed further sites across the country. The company closed 14 sites at the end of last year, leaving it with 62 venues across the UK.
There was speculation that the company had placed a number of sites on the market, or submitted leases back to the landlords, including ones that were already closed, such as those in Plymouth and London’s Holborn.
It is now understood that Bill’s has recently closed further sites, including Epsom, Durham and Welwyn Garden City. This now leaves the estate with 55 sites.