Restaurants were the worst hit of all
(PRWEB) October 10, 2012
Big4.com, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers PwC reports that the latest PwC analysis of corporate insolvency numbers shows that hospitality and leisure (H&L) suffered 1,464 insolvencies in the H&L sector in the past twelve months compared to 1,304 in the same period the year before.
Big4.com also notes that after reaching a high level at the end of 2011 and into the start of 2012, the level of H&L insolvencies has steadily fallen since Q1 this year, which has been driven by a reduction in insolvencies for pubs and restaurants. However, restaurants were still the worst hit of all H&L sectors in Q3 2012, with 156 insolvencies across the UK.
David Chubb, PwC business recovery partner and hospitality and leisure specialist, commented:
“Most of the businesses will be looking for an uplift in performance over the Christmas period and therefore I would expect a further drop in insolvencies for the next quarter. Only time will tell if H&L insolvencies continue to decline beyond the Christmas period, but certainly recessionary pressures on leisure spend will continue over the next 12 months,” he said.
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This article (PwC Insolvency Statistics Show Leisure Sector Has Been Hit Hard in the Past Year, Big4.com Reports) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.