More big companies set to collapse in 2024, industry experts warn

More big firms are likely to go bust next year amid the “double whammy” of high borrowing costs and pressure on consumer budgets, according to insolvency experts.

  • It comes after another year of tough economic conditions resulted in increased business failures during the year.

Hospitality and retail have also contributed to business failures as they have been impacted by higher energy prices, pressure on consumer finances and borrowing costs.

  • Around 17% of all insolvencies have come from the hospitality sector and 14% have come from retailers.

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