PwC Insolvency Statistics Show Leisure Sector Has Been Hit Hard in the Past Year, Big4.com Reports

Share Article

Restaurants were the worst hit of all

Big4 Logo

Big4

Big4.com, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers PwC reports that the latest PwC analysis of corporate insolvency numbers shows that hospitality and leisure (H&L) suffered 1,464 insolvencies in the H&L sector in the past twelve months compared to 1,304 in the same period the year before.

Big4.com also notes that after reaching a high level at the end of 2011 and into the start of 2012, the level of H&L insolvencies has steadily fallen since Q1 this year, which has been driven by a reduction in insolvencies for pubs and restaurants. However, restaurants were still the worst hit of all H&L sectors in Q3 2012, with 156 insolvencies across the UK.

David Chubb, PwC business recovery partner and hospitality and leisure specialist, commented:
“Most of the businesses will be looking for an uplift in performance over the Christmas period and therefore I would expect a further drop in insolvencies for the next quarter. Only time will tell if H&L insolvencies continue to decline beyond the Christmas period, but certainly recessionary pressures on leisure spend will continue over the next 12 months,” he said.

About Big4.com
Big4.com is the accounting, tax, consulting and IT professions’ premier resource, and has been exclusively focused on Big Four firm professionals and alumni for 10 years, providing high quality content, connectivity and commerce. The Big Four Job Board offers fresh job opportunities – clients include the world’s leading companies. Big Four News covers key news, developments, events, survey results, press releases and appointments. The Big Four Blog provides opinion and insight on recent and key developments, news, happenings, management changes, regulations, acquisitions and capital market activities. Big4 Video is a professionally produced news covering key global developments in this space.

Big4.com has a strong presence on key social media platforms:

Youtube: Big4Video is a professionally produced weekly news magazine.
Twitter: twitter.com/big4 has 9,500 followers.
LinkedIn: The Big Four Alumni and Professionals group is the largest corporate and alumni group with 100,000+ members.
Facebook: The Big4 fan page has 7,500 fans at facebook.com/big4page.
Xing: The Big Four Alumni and Professionals group has 1,450+ members.

Share:        
Contact
Kristy Short
Big4.com
(734) 481-0186
Email

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Kristy Short
Big4.com
(734) 481-0186
Email >
Visit website