The term “credit crunch” has gone from technical financial jargon - referring to the sudden reduction in the general availability of loans and the increasing cost of obtaining them - to become pretty much everyday language.
As well as hitting available funds for hospitality businesses, the credit crunch has damaged consumer confidence impacting their spending levels.
Add in rising energy and food costs and you can see why so many operators have faced tough times since the middle of 2008.
While many operators (namely those in the budget sector) have responded to the market conditions to ensure business remains healthy, businesses across the industry have all been affected in some way by the credit crisis.
In late January 2009, it was announced that the country had officially entered full-blown recession, and while there have been some tentative signs of recovery, the tough times look set to continue for some time yet.
On this page, we have rounded up all the latest news, views and analysis on the credit crunch and recession, including some handy hints on beating the slowdown.
Latest news on Caterersearch.com
Lack of financing may dampen restaurateurs’ confidence
Restaurateurs urged to keep costs low
Reubens blame banks for failed sale of Premium Bars and Restaurants
Creditors should give leeway to struggling restaurants, says accountant
More diners are eating out but are spending less, says survey
Operators opt for chicken to beat recession
Credit squeeze imperils small contract caterers
Third party management increasing as hospitality failures rise
Marriott loses $10m in fourth quarter of 2008 >>
Recession fails to dent Fuller’s acquisition plans >>
InterContinental GM advises hoteliers on recession >>
UK hotels face most challenging period for 17 years >>
Credit crunch delays new InterContinental hotels >>
Credit crunch won't affect hotel market >>
Credit crunch won’t stop people eating out, says research >>
Credit crunch is stifling innovation in hospitality >>
Credit crunch hard on independent restaurants in major cities >>
Budget hotels show resilience to credit crunch >>
Paul Heathcote puts fine-dining restaurant plans on hold >>
Individual Restaurant Company shrugs of credit crunch woes >>
Funding can be found despite credit crunch >>
Irish hotel beats credit crunch by not selling booze >>
Pub companies face £60m bill as credit crunch bites >>
Hospitality business won't take credit crunch lying down >>
Leading London chefs feel the financial chill >>
D&D London defies credit crunch with increase in turnover and profits >>
Hotels must boost service levels to survive slowdown, says Thistle COO >>
Celebrity chefs in trouble
Ramsay admits restaurants came close to collapse
‘Arrogant’ restaurant trade forgot the customer is king, says Gordon Ramsay
Antony Worrall Thompson forced to close restaurants
Lloyds denies Worrall Thompson allegations
Worrall Thompson responds to Lloyds TSB allegations
John Burton Race declared bankrupt
Celebrity chef cult will survive financial problems
Analysis on Caterersearch.com
Hoteliers look to the long term for market recovery
Contract caterers upbeat in the face of downturn >>
This is not the beginning of the end for pubs - yet >>
How contract caterers are dealing with the credit crunch >>
Industry deals continue despite credit crunch >>
Are wine sales suffering from the credit crunch? >>
Comment on Caterersearch.com
Light at the end of the tunnel for pubs?
A crucial time to share ideas >>
It's not a time to cut staff development >>
Invest in the talent we have >>
Fear can give you an edge >>
A big test for private equity >>
Nurture partnerships to help survive business downturn >>
A time now for clear planning >>
Features
30 ways to be thrifty: Industry tips on beating the recession
Recipes for the credit crunch by Angela Harnett, Rob Kirby, Colin Buchan and John Woodward part 2
Coming back from recession: operators who have beaten previous slumps >>
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