The current closure rate means that about 5% of the market is closing annually and that since March 2020 the market has seen close to 15,000 outlets close. Smaller businesses have borne the brunt of closures, and the independent segment has shed 7.0% of outlets in the last 12 months.

Karl Chessell, CGA by NIQ’s business unit director - hospitality operators and food, EMEA, said: “It’s been another tough quarter for hospitality, with soaring energy, food and labour costs squeezing businesses’ margins and inflation and interest rate rises sapping consumer confidence.

“Against that backdrop, managed groups have been impressively resilient in many segments and areas, and there are welcome signs that city centres in particular are back to their pre-Covid vibrancy. More venue closures are sadly inevitable while costs remain so high, but the outlook for well-resourced, distinctive and customer-focused groups remains good."