About 3000 hospitality businesses have closed their doors in the past 12 months, new data shows.
By Susan Edmunds of RNZ
Credit bureau Centrix has released its latest update, which shows that while business defaults are down, company closures and liquidations are elevated.
In the hospitality sector alone, 422 companies, or 1.3% of the sector, entered liquidation in the past year. That was a 42% year-on-year increase. Restaurant liquidations were up 43%, takeaway food service liquidations 143% and cafe liquidations 27%.
There were 2900 hospitality businesses that ceased trading altogether, an increase of almost 40%.
Retail trade liquidations were up 50% year-on-year.
In total, 3092 companies were liquidated in the past 12 months, up 14%…