Pub insolvencies are up a third on last year
Pub insolvencies are up by 30% on the same period last year as spending cuts keep consumers away.
According to research from consultancy firm PricewaterhouseCoopers (PwC), the insolvency rate in the pub sector peaked in the first quarter of 2011, when 83 pubs businesses failed. A further 79 failed in the second quarter of 2011, compared with 61 last year.
Over the first six months of the year insolvencies increased by 30% compared with 2010, with 162 firms failing.
Robert Milburn, hospitality and leisure leader at PwC, said: "The latest PwC insolvency figures for the pub sector show no improvement in the first half of 2011 when compared with the first half of 2010.
"The trend could carry on as spending cuts continue to impact the UK economy and consumers continue to tighten their purse strings. A wet July also won't have helped things, but the hope of better weather in August, the start of the football season and the Rugby World Cup in September, will hopefully make for a better second half of the year."
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By James Stagg
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