Number of struggling British firms hits record high according to insolvency firm
Almost half a million UK businesses are in ‘significant financial distress’, a report has claimed.
The number of companies struggling to stay afloat has hit a record 494,000, according to closely watched data from insolvency firm Begbies Traynor.
Property, support services, construction and retail businesses were the worst off, and a large number of those in trouble were less than five years old.
Almost half a million UK businesses are in ‘significant financial distress’, a report has claimed
Julie Palmer, a partner at Begbies Traynor, said: ‘Businesses and the UK economy as a whole will want to avoid a repeat performance of 2019, where distress increased to record levels on the back of ongoing uncertainty around Brexit.
‘These figures clearly demonstrate the impact of this indecision, and with political certainty and a clear Brexit path, UK businesses should, at last, be able to plan for 2020 with a greater sense of clarity.’