North Brewing Company, a Leeds-based brewery and bar-owner, has secured a sale out of administration that will ensure their future trading, having become the latest to issue a notice of intention to appoint administrators earlier this month.

Specialist Restructuring Lawyer Comments On Latest Begbies Traynor Statistics

The high number of business failures revealed by today’s statistics released by Begbies Traynor can be attributed to the prevalence of 'zombie businesses', according to Andrew Walker, partner and Head of Restructuring and Insolvency at Irwin Mitchell.

The latest statistics from UHY Hacker Young which reveal the financial difficulties faced by pubs and bars are disappointing and very concerning.

According to the national accountancy firm, insolvencies rose from 280 in 2020/21 to 512 as of the end of 2022. Given the perfect storm caused by rising inflation, the cost-of-living crisis, staff shortages and escalating salary costs, it perhaps isn’t too surprising. Nevertheless, corporate failure is not inevitable and businesses can do something about it.