Business insolvencies rise more than 40% as hospitality sector comes under pressure

Corporate insolvencies rose 41 per cent in the first quarter compared with the same period last year and have more than doubled compared with the first three months of 2022, according to new figures from PwC Ireland.

PwC said the hospitality sector was “feeling the pressure”, followed by retail, with these two sectors accounting for 89 – or 40 per cent – of all insolvencies in the first quarter, up from 68 in the same period last year.Could empty nesters be crucial to solving the housing crisis?This trend is a continuation of a phenomenon seen in 2022 and 2023, when hospitality consistently had one of the highest failure rates quarter-on-quarter.

“With a Covid debt overhang on top of having to deal with a high cost of doing business, some Irish businesses continue to struggle,” said PwC Ireland business recovery partner Ken Tyrrell.

Switzerland Neuesten Nachrichten, Switzerland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Irish Companies Achieve 40% Female Representation on BoardsLarge publicly listed companies in Ireland have reached a milestone target of 40% female representation on their boards, according to the latest figures from Balance for Better Business. This surpasses the EU target of 33% by 2026. However, representation in other listed companies remains unchanged at 28%.
Herkunft: IrishTimesBiz - 🏆 6. / 77 Weiterlesen »

Business Today: Record low supply of second hand homes for sale, corporation tax worries and the tax advantages of marriageBusiness Today: The best news, analysis and comment from The Irish Times business desk
Herkunft: IrishTimes - 🏆 3. / 98 Weiterlesen »

The Irish Times Business Person of the Month: Michael Burke, Chanelle PharmaVet turned businessman sells €300 million business built up over 40 years
Herkunft: IrishTimesBiz - 🏆 6. / 77 Weiterlesen »