Businesses in the hospitality sector - which could include those in possession of hotel insurance - faced particular difficulties during the economic recession, according to new research.
Figures released by R3 show that 1.7 per cent of hotels and restaurants became insolvent during the downturn - which started in the second quarter of 2008 and did not end until the fourth quarter of 2009.
"Hotels and restaurants have had the toughest time as a sector with close to two in every 100 becoming insolvent during the recession, due to their dependence on consumer spend," R3 president Steven Law states.
Such a proportion - restaurant and hotel insurance customers may wish to note - was the highest among any sector, with 1.6 and 1.5 per cent of manufacturing and real estate businesses respectively also going under during this period of time.
However, hotel insurance customers may have received a boost in 2010. Figures from PKF show that occupancy rates in London hotels for the first six months of the year stood at 80.3 per cent, a rise of 2.3 percentage points from the same period in 2009.
