PWC analysis reveals 37% hike in travel and tourism insolvencies

PWC's latest analysis of corporate insolvency numbers shows that the travel and tourism sector suffered in the first three quarters of 2012.

Insolvencies in hotels and travel and tourism are up
Insolvencies in hotels and travel and tourism are up

Total numbers of insolvencies in the sector between January and the end of September 2012 rose to 37, from 27 during the same period the previous year.

Meanwhile, insolvencies in the hotel sector remained relatively flat compared to last year, with 137 in the first three quarters of 2012, compared to 136 over the same time last year.

However, the number of insolvencies has seen an improvement between quarters two and three this year, with a 43% fall in hotels, and a 40% drop in travel and tourism.

PWC business recovery partner and hospitality specialist David Chubb said: "Most of the businesses will be looking for an uplift in performance over the Christmas period and therefore I would expect a further drop in insolvencies in the next quarter."

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