Business closures to reach 900 this year

Insolvency reports finds few businesses utilising rescue process

Among the 110 hospitality businesses to close down this year, 63 were restaurants, 17 were cafes and 13 were pubs. Picture: iStock

Business insolvencies are running 35% above 2023 rates and 86% above 2022 levels according to a new report which forecasts insolvencies to reach 900 by the end of the year.

While the insolvency rate per 10,000 Irish businesses has doubled since 2021 it still remains below the 20-year average, the quarterly PWC Insolvency Barometer report found.