Hospitality

Insolvency expert urges support in budget for embattled hospitality sector

Declan Taite, managing director at consulting firm Kroll Ireland, warned that there would be an increase in insolvencies due to inflationary pressures

Declan Taite, managing director at Kroll Ireland: ‘With inflation, and discretionary spend coming under pressure, whatever can be done to encourage people to spend in the hospitality sector should be looked at.’ Picture: Bryan Meade

Supply chain constraints, staff shortages, rising interest rates and insurance costs are among the key problems facing the hospitality sector, according to a senior executive at consulting firm Kroll.

“Cost of supplies have increased, energy costs have gone up, interest rates are now going up, so the cost of servicing any debt firms have against their businesses is increasing. And insurance costs continue to be a big issue for the sector,” Declan Taite told the ...