UK Hospitality Insolvency And COVID-19
UK Hospitality insolvency and COVID -19 is slowly causing issues to many businesses. However, May 17th 2021 is a major turning point, allowing businesses to open to customers eating in.
If your business is under financial difficulty, then act quickly. It is best to seek robust support from licensed insolvency practitioners, like the team at HBG Advisory. Your business may be:
- Caravan Park.
However, do you think your business is viable moving forward?
If so, then do you wish to carry on? If not, then plan a formal closure.
Either way, HBG Advisory have solutions to both answers.
Throughout the UK, hospitality at all levels remains impacted due to the current coronavirus COVID-19 pandemic. Consequently, this business sector has had significant difficulties that have affected cash flow and ultimately profitability. Hospitality concerns involved include:
- Online home delivery is directly affecting sit-in restaurant trade;
- Those operating with limited margins reliant upon a high turnover;
- Business rates increase;
- Workplace pension costs are now impacting;
- Pound Euro exchanges forced increases in importing specialist food and drink;
- Increases in the minimum wage;
- Coronavirus influenced heavily, forcing closure across the board of hospitality trade.
For further detailed reading on business closure related to COVID-19, please read ‘COVID19 has caused my company to be insolvent‘.
UK Hospitality insolvency and COVID -19 and ways to commence saving the business?