'Perfect storm' pushes tens of thousands of companies to brink of bankruptcy - The Times

The number of construction companies in critical financial distress leapt by a third

PA

A “perfect storm” of higher interest rates, rising costs and downbeat consumer demand has pushed up the number of companies on the brink of bankruptcy by a quarter in the past three months.

In the final quarter of 2023, there were 47,477 companies in critical financial distress, 25.9 per cent more than in the previous three months, according to Begbies Traynor, the corporate restructuring specialists.

Levels of insolvency risk have spread across the UK economy over the past quarter, the research shows. The volume of businesses in the construction sector in critical financial distress leapt by 32.6 per cent. Rates of insolvency risk increased by 41.3 per cent in the health and education sector and 24.7 per cent in real estate and property.

Julie Palmer,

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2024-01-23 00:01:00Z
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