Hotels and leisure sees third highest rate of insolvencies in July
The hotels and leisure sector saw the third highest rate of insolvencies in July, new figures released this week reveal.
The latest Insolvency Index from Experian found 141 businesses in the sector were declared insolvent in July, beaten only by the building and construction industry (305) and business services sector (460). This rate was up by 30.56% on the previous year but up only slightly from the Index's figures for April this year, when 123 leisure and hotel businesses fell into insolvency.
Across all sectors, the national rate of insolvencies increased, with 0.10% of firms failing in July 2011, up from 0.08% in July 2010.
SMEs saw the biggest annual increase in insolvencies, with the proportion of businesses failing growing from 0.15% in July 2010 to 0.22% in July this year, while small firms with 11-25 employees saw the highest percentage of businesses fail in July 2011.
The index also found that the largest UK companies saw a drop in insolvencies, compared to the previous year - with 13% fewer large firms failing this year.
Hotel business insolvencies fall by nearly 5% >>
Pub insolvencies are up a third on last year >>
By Neil Gerrard
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