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 and first reported by Sky News.
During the first three months of 2023, an average of six restaurants were affected every day.
Of those restaurant declared insolvent, 98% of cases have ended with the business being shut down.
Research by UKHospitality shows that the number of restaurants in Britain has declined by 3,415 since March 2020 – a fall of 18%.
“We’re really facing a perfect storm,” says UKHospitality CEO Kate Nicholls. “These businesses faced a challenge going through COVID, and as a result of that they’ve got very high levels of debt. So, interest rate rises have impacted on…
