Restaurants and cafés across the UK are going insolvent at a pace not seen for more than a decade.
A total of 3,347 eateries have been unable to pay their debts in the past two years to March 2023, according to data from the Insolvency Service.
During the first three months of 2023, an average of six restaurants were affected every day.
Businesses declare insolvency when they are unable to afford the repayments for their debts. Of those restaurant declared insolvent, 98% of cases have ended with the business being shut down.
Interest rates have been rising since December 2021 as part of the Bank of England’s effort to quell inflation, raising the costs businesses and households must pay to borrow money.
According to the Bank…
