As businesses face the reality of the macro-economic headwinds, cost inflation, higher interest rates and lower consumer discretionary spending, companies and their directors need to consider the risk of corporate restructuring and wisely navigate the uncertainties that will arise.
The impact of the changed economic landscape is hitting food service businesses, especially the restaurant sector, where footfall and average spend is lower. More than 15% of company failures in 2023 came in the hospitality sector and almost all of these were small and medium-sized enterprises (SMEs).
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