Insolvencies rise in arts and hospitality as businesses battle soaring costs

The failure rate in both of these sectors almost doubled during Q3 when compared to the previous quarter, according to a new report.

The cost of business failures is set to reach €2bn for the year.

The arts and hospitality sectors recorded the highest rate of business failures in the last quarter, according to a new report.

The failure rate in both of these sectors almost doubled during Q3 when compared to the previous quarter, according to a report by professional services firm PwC.