London restaurants: Outlook ‘bleak’ as insolvencies mount across the industry

The News Craving

By Laura McGuire London restaurateurs have described the outlook for the sector as ‘bleak’ after research has revealed that the number of hospitality businesses going bust has jumped by 65 per cent in the last year. The figures, which were released by accountancy firm Price Bailey, show that 1,880 British restaurant businesses became insolvent in 2022, compared to the previous 12 months when 1,139 restaurant businesses went into insolvency. According to the firm, an average 5.2 restaurant businesses are facing closure per day, up from 3.1 in 2021. Price Bailey said that many of these businesse…

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