Bankruptcies in the restaurant sector are gathering speed, according to new research from auditor Mazars.
Over the last three months, the number of outlets going under rose to 453 a 15% increase on the prior quarter's 395.
For the past year, the number is up by 60% to 1,567 restaurants.
Staff shortages, sky-high energy bills, food price inflation and customers looking to save due to economic uncertainty are all cited as reasons.
Rebecca Dacre, a partner at Mazars, said: "Insolvencies of restaurant businesses are now happening at a far faster rate than during COVID…
“There's a certainty of further insolvencies if they don't receive much more support from the government, but the chances of it fully turning on the taps is low.”
Jeremy Hunt failed to address hopes for a reduction to 10% for VAT in his Autumn Statement, with the current standard rate for the tax of 20% in place until March 2026.
The Autumn Statement earmarked £13.6bln for hospitality venues to support business rates, but this comes into effect from April.
Hunt also increased business rates relief to 75% for 230,000 hospitality businesses, the business rates multiplier was frozen for an additional year with a Transitional Relief scheme to limit bill increases.
Kate Nicholls, chief executive at industry trade body UKHospitality stated: “I’m pleased that the Chancellor has listened…However, it remains the case that the current system is outdated…
“There is nothing to give firms confidence, let alone invest, and we need to see an urgent plan for economic growth and how business will be at the centre of that.”