Pubs, bars and hotels are experiencing exceedingly difficult trading conditions, according to a new report.
It might interest business insurance customers to know that a study by PricewaterhouseCoopers (PwC) reveals the hospitality and leisure (H&L) industry has seen a 95 per cent increase in insolvencies in just under two years.
Stephen Broom, H&L director for PwC, said: "As the downturn tightens its grip, it is easy to believe what we have seen so far is just the tip of the iceberg for hotels."
Hotels have seen a 150 per cent increase in insolvencies since 2006 but this could rise even further next year as the full impact of the economic downturn hits, Mr Broom added.
Despite this, he believes that many firms are entering the recession in a better state than the ones which faced the downturn in the early 90s.
It might interest pub insurance customers to know that the Transport Select Committee last week called for the UK drink-drive limit to be cut.
