One in eight UK hospitality businesses close down every year, revealed AXA. It said the hospitality industry was one of the hardest sectors in which to start a successful new business.
According to AXA, the UK has seen hotel and restaurant start-ups outnumber closures by up to 25% in recent years, but the industry has one of the highest business failure rates of any industry in the UK.
AXA, in conjunction with the Hotel and Leisure Best Practice Forum, has created a Business survival Blueprint, aimed at reducing the number of failed hospitality businesses.
Mike Butler, Risk Control Strategy manager at AXA, said the blueprint was not just for start-up companies. "The blueprint is designed to help these businesses secure their futures by highlighting good management practices such as accurate accounting, supplier management and business continuity management."
AXA intends to produce further blueprint guides aimed at the design and independent retail sector before the end of the year.
