Staff party cutbacks could cause record restaurant closures

Christmas party cutbacks could force a record number of UK restaurants out of business, according to a report from Pricewaterhousecoopers (PWC).

Pricewaterhousecoopers
Pricewaterhousecoopers

The company says the rate of restaurant insolvencies reached record levels in the first quarter of 2009 and the figure is expected to peak again in early 2010.

The overall rate of restaurant insolvencies from January to September was 25% higher than the same period in 2008.

PWC now predicts that restaurants could face their quietest Christmas since the 1990s as both public and private sectors squeeze their spending.

PWC hospitality & leisure director Stephen Broome said: "Despite the descent into technical recession, this time last year many corporate Christmas lunches had already been booked, deposits taken, and to cancel would have meant letting staff down. However, faced with the economic realities of this recession, company bosses have now had nine months to refine policies and prepare staff for more restrained celebrations this Christmas."

He suggested that restaurants should develop special offers to tempt employees into celebrating at their own expense.

 

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
IBTM World Trends Watch 2020: 'The changing face of delegates'

IBTM World Trends Watch 2020: 'The changing face of delegates'

Report identifies global MICE trends in areas such as technology, sustainability and incentive travel.

In pictures: Villa Copenhagen opening in 2020

In pictures: Villa Copenhagen opening in 2020

Central post office built in 1912 has been restored to house the new 390-room hotel that can host events for 1,200 attendees.

Strata brings in a dozen new recruits

Strata brings in a dozen new recruits

Agency hires 12 people across all departments, including client services director Laura Awcock.

Our view: Flexible working is key to retaining the best talent

Our view: Flexible working is key to retaining the best talent

C&IT's associate editor Andy McCorkell explains why supporting working parents is so important for a successful business.

In pictures: New events venue opens in Herefordshire

In pictures: New events venue opens in Herefordshire

Crumplebury has onsite accommodation, flexible event spaces, a farm-to-table restaurant and views of the countryside.

6 ways tech can make events more sustainable

6 ways tech can make events more sustainable

Planners can challenge the more wasteful elements of events, says CEO of events management company Eventopedia.

Double sunrise: Would you book a 19-hour flight?

Double sunrise: Would you book a 19-hour flight?

After Qantas trial flight from London to Sydney lands, we ask event planners what they think.

Science Museum unveils new event space within medical exhibit

Science Museum unveils new event space within medical exhibit

Exhibition opens for drinks receptions and events amid one of the world's largest medical galleries as part of £24m refurb.

Venue of the Week: Adare Manor

C&IT's 2019 A-Listers were treated to a stay at the luxury Irish getaway on an 842 acre estate in County Limerick.

7 lessons for event planners from... the John Lewis Christmas ad

7 lessons for event planners from... the John Lewis Christmas ad

Everyone's nightmare is a fire-breathing dragon near a highly flammable Christmas tree, isn't it?

LATEST JOBS