As businesses face the reality of the macro-economic headwinds, cost inflation, higher interest rates and lower consumer discretionary spending, companies and their directors need to consider the risk of corporate restructuring and wisely navigate the uncertainties that will arise.
The impact of the changed economic landscape is hitting the food service businesses, especially the restaurant sector, and retail where footfall and average spend is lower and online competition is eroding revenues at store level. More than half of company failures in 2023 came in the retail, hospitality and construction sectors and around 99% were small- and medium-sized enterprises (SMEs).
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