Surge in hospitality insolvencies is 'unsurprising,' say Suffolk bosses

Jo Watts, from East Anglian insolvency experts McTear Williams & Wood, said: "In the last few weeks, we've seen a lot more inquiries from hospitality companies.

"Restaurants and cafes - that sort of thing - seem to be what's affected most at the moment."

Steve Gardner, the owner of a 600-year-old pub The Gardners, said it's "unsurprising" that many hospitality businesses are facing insolvency, as he fears this is the "end of the line" for rural British pubs.

He is aiming to keep his pub running for as long as he can, but said he's not optimistic for the future due to the rising cost of business.

"I can see more and more pubs closing and sitting empty. It feels like I'm just watching them fold around me," said Mr Gardner.

"There was nothing in the budget for small businesses so it's unsurprising that the hospitality industry is suffering.

"Eventually, the supply chain will dry up. Particularly nearing the end of the next VAT quarter, we are just going to be wiped out."

Director of properties at Adnams Nick Attfield acknowledged that this is a difficult time for hospitality businesses, but is hopeful for the industry's adaptability and resilience.

He said: "Uncertainties are our biggest challenge but once we know what we're dealing with we adapt quickly.

"We have a scary storm facing us because we don't know the conditions of our future."

Mr Attfield was hopeful for the announcement of the mini budget, but said it left him "frustrated" for small businesses.

"Small businesses were completely neglected, but they're the backbone of Suffolk and East Anglia," he added.

"At Adnams, we're taking a long-term approach and trying to weather the storm as best we can."

Both Mr Gardner and Mr Attfield were disappointed with the mini budget, echoing feelings from other Suffolk business owners who said they felt "left out".

Chancellor Kwasi Kwarteng's announcement also received backlash from a number of experts and politicians who claimed the highest beneficiaries will be those who earn the most.