Winding up petitions against hospitality businesses up
The number of petitions filed against hospitality firms up to 20 April 2020 reached 53, compared to 20 during the same period in 2019, according to figures compiled by accountancy firm UHY Hacker Young.
The figures account for only the very early stages of the coronavirus crisis. The accountancy firm anticipates that some of the increase is attributable to a drop in high-street footfall, resulting in some underperforming restaurants falling into insolvency.
The government has announced a temporary ban against the use of winding-up petitions. This is currently set to end on 30 June, all though there is an expectation it will be extended