(PRWEB) October 10, 2012
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.
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