Yorkshire restaurant sector resilient despite tough trading
Pubs and restaurants in the UK remain resilient in the face of tough trading times, according to the latest figures from insolvency and restructuring trade body R3.
Some 29.4% of businesses in the sector nationwide are deemed to be above average risk of insolvency though, although some regions outperformed others.
Just 28.3% of pubs in Yorkshire were deemed to be in this situation, while the number of restaurants at risk was also below the national average.
Of an estimated 8,500 restaurants and pubs in the region more than 2,400 were deemed by R3 to be facing an above average risk of insolvency.
While the proportion of restaurants at risk jumped 5.4% between January and February, the number of pubs in a similar position rose by 5.2%.
The overall picture for UK businesses is not a positive one, as the proportion of businesses facing up to a serious threat of insolvency now stands at 37.1%.
In Yorkshire, the proportion increased further to 38.6% of firms, meaning more than 85,000 companies are at risk of insolvency.
Compiled using Bureau Van Dijk's Fame database, the R3 data focuses on the number of businesses deemed to be at above average risk for the coming 12 months.
R3's Yorkshire chair Eleanor Temple revealed that despite slow rates of economic growth, many businesses ''across the full spectrum of sectors are facing a more precarious future''.
She pointed to uncertainty surrounding Brexit, rising interest rates and reduced consumer spending as being major factors.
At the same time, Ms Temple said the region can ''take heart'' from the performances of certain sectors as they are proving to be more resilient than in other locations.
Businesses with fears over their financial futures should seek professional advice at the earliest opportunity before the situation is allowed to worsen.
Independent business reviews can help to develop new strategies to work from while corporate insolvency specialists can advise on aspects such as administration or restructuring processes.
By Phil Smith