Nearly 25,000 fewer licensed premises are currently operating when compared with pre-lockdown numbers.
A total of 90,000 establishments had returned to trading by the end of September, according to the Market Recovery Monitor report conducted by CGA and Alix Partners.
This means that roughly one in five sites remains closed having been operational back in March.
The report found that Scotland has the lowest rate of reopenings at 76%, while 83.8% of licensed premises have returned in the North East.
Pubs of all forms have been quickest to reopen, however, over two in five nightclubs have remained shuttered throughout September.
Graeme Smith, managing director of Alix Parterns, said: “With government support starting to taper off on a national basis and the impact of restrictions biting hard, further insolvency and CVA activity in the market is likely.
“There is a significant risk that without increased government support in affected areas businesses will not be able to survive further lockdowns.”