According to CreditorWatch data, 10.4 per cent of food service businesses closed over the past year – the highest rate of any industry.
Pubs, taverns, and bars (8.1 per cent) and clubs (7.8 per cent) also shut down at above-average rates, higher than the average for all industries at 5.4 per cent.
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Due to numerous factors, including rising operating costs and weakening consumer demand, cafes, restaurants and takeaway food businesses were under intense pressure.
According to CreditorWatch, key contributors included successive wage rises since 2022, rent pressures, a 7.5 per cent rise in food prices, and limited access to credit after the pandemic left many…