Gathering fails to halt flow of insolvencies in hospitality sector
118 companies in hospitality industry went to the wall so far this year
The Gathering has failed to halt the flow of companies in the Republic’s hospitality sector going to the wall, according to the latest figures.
Figures highlighted yesterday by the Insolvency Journal show show that 118 companies in the hospitality industry went to the wall between January and September, a 2 per cent increase on the same period in 2012, when the number was 116.
The journal, published by restructuring specialist, Kavanagh Fennell, points out that while State tourism body, Fáilte Ireland, reported that overseas visitor numbers were up 6 per cent in first half of the year, “it is clear from the hospitality insolvency statistics, that the Gathering alone cannot save this sector from its commercial difficulties”.
The figures show that insolvencies for the first nine months of 2013 were down 20 per cent on the same period last year, at 1,025 from 1,282. In September, 105 companies failed, against 112 in September 2012. Receiverships were down 12 per cent at 261, liquidations dropped 22 per cent to 750.