More than five restaurant businesses a day went bust across England, Wales and Scotland in the last year as insolvencies reached their highest level in more than a decade.
Data from accountancy firm Price Bailey showed a 65% increase in restaurant insolvencies, with 1,880 businesses declared insolvent in 2022, compared to 1,139 the previous year.
Matt Howard, head of insolvency and recovery at Price Bailey, said: “Restaurants are facing bracing economic headwinds. Soaring inflation is leaving consumers with less money to spend on eating out, which hit restaurants just as government support was being phased out.
“Restaurants are struggling with rising wage and food costs. Many are finding it difficult to pass those costs on to diners who…
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