The number of food and beverage companies entering insolvency rose 17.9% in 2018, according to analysis from real estate adviser Altus Group.
Last year The Insolvency Service paid out 298.07m to former members of staff whose employers, from all sectors, had either entered administration, liquidation a CVA or another form of corporate insolvency.
This included 198.36m in redundancy pay and 59.85m on money that would have been earned working a notice period.
Altus says this is the highest amount paid out of the National Insurance Fund since 2013, driven by a crisis on the high street.
It blamed a perfect storm of rising costs from business rates, rents and minimum wage rules at a time of falling sales amid uncertainty over Brexit.
Whilst busine…
Read the full article at: https://www.bighospitality.co.uk/Article/2019/02/25/Restaurant-and-pub-closures-drive-rise-in-insolvency-costs