The arts, entertainment and recreation industry suffered the biggest increase in insolvencies over the last five years, according to research from Business Rescue Expert.
The number of insolvencies in the industry increased by 18.1% against figures from 2016 to 4.2 insolvencies per 10,000 businesses in 2020.
Funding cuts and the ongoing effects of Covid-19 restrictions are likely to have contributed heavily to the increase.
The arts sector is one of five industries including accommodation and food services, finance and insurance and public administration that fielded an increase in insolvencies compared to 2016 levels, with most witnessing a decline.
Published: 23-06-2021