With news of administrations, proposed closures and complete shutdowns haunting the headlines, Food Manufacture takes a deep dive into the drivers, whether this is a trend set to last and what businesses can do to turn things around.
It’s a challenging time for industry that has compromised a multi-year periods of shock that have struck one after the other.
This has set about a catalyst for change, in which businesses have had to rethink strategies in the light of ever-changing circumstances, and it also resulted in the period of consolidation.
Government figures shows that across all industries, there were a rise of insolvencies in the four quarters ending Q3 2022, compared to the period of ending Q3 2021. More recent insights from Kroll has revealed a gloomy picture for food and drink businessses in the UK, with the number entering administration more than doubling in the first half of 2023 compared to same period last year.
This article was published on Food Manufacture, please read the full article here.
Author: Shivani Bisht, Shreya Rajput
