NewsRestaurants

UK restaurant insolvencies surge 64%

Insolvencies within the restaurant sector are even higher than in the wider hospitality industry, which has seen a 56% increase in company insolvencies in the past 12 months

UK restaurant insolvencies have jumped 64% year-on-year from 856 in 2020/21 to 1,406, as rising inflation, decreased consumer spending and labour shortages are driving restaurants out of business, according to new data from UHY Hacker Young.

There were 431 restaurant insolvencies in the last quarter alone (in the three months to 31 May 2022), marking a 29% increase on 334 in the previous quarter.

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