UK restaurant bankruptcies rise 60%

According to data from accounting and tax consultancy firm Mazars, the number of restaurants that had to close their shutters in England rose 60 percent in the past year to 1,567, while 453 of these restaurants closed in the last 3 months.

The number of restaurants that went bankrupt in the UK was recorded at 984 last year.

BANKRUPTCY MORE THAN THE EPIDEMIC

Rebecca Dacre, one of Mazars’ partners, commented in the statement: “There are more restaurant bankruptcies in England than during the epidemic period. “Rising costs, rising credit costs and weakening consumer demand are a very negative combination,” she said.

Stating that restaurant owners have never seen so many negative elements together, Dacre said: “Under normal circumstances, the Christmas period is a supportive period for businesses. Restaurants are in for a very difficult winter period,” he said.

FOOD PRICES IN THE COUNTRY INCREASED 14.6 PERCENT

As the British economy contracted by 0.2 percent in the third quarter of this year, the Bank of England announced that the country had entered a recession. In November this year, food prices in the country increased by 14.6 percent.

Inflation in the UK continued to rise, especially under the lead of energy and food prices, hitting a 41-year high of 11.1 percent annually in October.