Business failures drop in hospitality sector

Hotels and restaurants are getting to grips with the recession with a 16% year-on- year drop in business failures in the hospitality sector, according to data compiled by insolvency accountants kavanaghfennell.

The number of insolvencies in the sector fell to 171 in 2012, from 204 in 2011, with some high-profile cases including Ashford Castle in Mayo, Radisson Blu in Athlone, and Glenlo Abbey in Galway.

However, the data indicates there were 1,684 business failures across the country in 2012, a 3% rise on the 1,638 in 2011 and a 10% increase on 1,525 in 2010.