181 companies in the hospitality sector closed down in Ireland in 2011, according to the business intelligence analyst Vision-net. This amounted to a total of 9 per cent of all business failure. Of 5,000 companies in the sector, Vision-net deemed 3,401 as high risk.
Christine Cullen, managing director of Vision-net, said the figures show that it has been a very challenging year. She further said, "Corporate insolvencies rose by almost one-fifth over the same period in 2010 but the number of newly created companies is marginally up, showing that entrepreneurship remains strong." It has been a bad financial year for overall industry sector with a total of 1,930 Irish companies failing, Vision-net stated. As a whole, 170 companies collapsed every month in the first 11 months of 2011, owing a total of €1.19bn. According to Christine Cullen, the country's economic recovery is going to be a big challenge in the future. She said, "In a move that is likely to thwart economic recovery, short-term unsecured creditors are still owed €1.19bn which has serious knock-on effects for business cash flow, employment and consumer sentiment."
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