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.

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