Mazars Group has noted that as the cost of living crisis in Britain savaged the nation’s hospitality sector, British brewing companies suffered among the worst of it.

The group’s analysis of the most up to date official Insolvency Service statistics showed that in the 12 months leading up to March 31st, 45 breweries went bankrupt, compared to just 15 in the year prior.

The report showed that the most at risk were smaller craft brewers, due to consumers suffering under inflation trading down to cheaper options.

The market has been pressured by the ongoing cost of living crisis, which Mazars explained has already altered the industry by performing a “major shakeout.”

Paul Maloney, an associate director at Mazars, stated, “Craft breweries have been struggling for some time but rising prices have brought their financial challenges to a head, The craft beer market became heavily overpopulated over the last decade. The cost-of-living crisis now means many of these brewers are fighting for a place in a shrinking market. Some of them will not make it.”

Across the UK, pub and bar bankruptcies have reached close to the highest level in 10 years, as over 500 businesses closed their doors permanently last year, according the data from accounting firm UHY Hacker Young. Soaring energy prices and high inflation have been ravaging the entire sector.

The British government provided £18 billion (over $22 billion) to businesses in September to help offset their increased energy costs under the so-called Energy Bill Relief Scheme. The scheme ended in March, and under a new support package, the funding has been scaled back to £5.5 billion ($6.8 billion).