Why are insolvencies more likely to affect the hospitality sector?

According to PwC’s outlook for 2024, there will be a significant rise in corporate insolvencies in 2024, just shy of 30,000 with smaller businesses accounting for the lion’s share. However, it further added that industries most impacted are likely to be hotels and catering, along with manufacturing, and transport and storage. Henry Page, restructuring partner at Mercer and Hole and Rosalind Catto, Business Advisory Partner and Inverness office head, at Johnston Carmichael Today explain why the hospitality industry is more likely to be impacted by insolvencies and how accountants can help.