A growing number of UK businesses are at risk of going under as costs spiral and Covid loan repayments become due, according to a report from insolvency firm Begbies Traynor.
Although COVID restrictions have been lifted, some firms still feel the impact of disruptions to supply chains, and the price of energy and other inputs has risen sharply.
Firms find recruiting staff in some sectors hard, and wage costs, including the minimum wage and national insurance payments, have increased.
As the cost of living rises, many UK households are looking for ways to save money, putting further pressure on businesses that rely on discretionary spendings, like bars and restaurants.
According to the report, the construction and hospitality sectors are the ones struggling the most.
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