And restaurants, although recuperating, remain hooked up to the discounts drip
Pub company insolvencies are down a third from the peak of the recession but fears of further Government spending cuts, potential interest rate rises, and a reduction in discretionary spend could slow recovery – causing a further wave of restructuring and insolvency.
The insolvency rate appears to have peaked in the last quarter of 2009 when 88 pubs businesses failed. (The PricewaterhouseCoopers LLP insolvency statistics monitor pub companies as opposed to individual units.) The rate of failure has now (Q2 2010) dropped by 32 per cent. However, the level of collapse is still comparatively high - nearly ten per cent up on just two years ago.
In the first half of 2010 London based companies such as London Town, Capital City Brewing Company Ltd, and Globe pub management became insolvent, as did several large late night venues such as Fabric nightclub and the Budha Bar.
15 Jul 2010
PricewaterhouseCoopers Media Centre - Long term health of the pub industry still in doubt
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