Hotel firm failures rocket

The number of UK hotel businesses becoming insolvent jumped by 120 per cent since June 2008, but the rate of failure is beginning to slow, according to a report out today by PriceWaterhouseCoopers. London hotel chains have so far defied the gloomiest of predictions by dropping room rates to attract volume demand. Hotel insolvencies peaked in the first quarter of the year with 15 London hotel groups failing, the highest number in one quarter since the last recession.