British Firms Fall Into Distress at Fastest Pace Since 2017
- Begbies Traynor survey found 30,000 new companies struggling
- Data office says 39% of firms have cash only for six months
More than 1,700 bars and restaurants and almost 3,000 retailers had a minor debt ruling against them.
Photographer: Darren Staples/BloombergThis article is for subscribers only.
British firms fell into distress at the fastest pace in three years between July and September with measures to contain the coronavirus pandemic impacting the hospitality and retail sectors the hardest.
About 30,000 more businesses are now struggling to meet their debt obligations, taking the total to 557,000, according to a survey of U.K. companies by insolvency specialist Begbies Traynor. That’s a 6% increase since June, and a 9% rise since the end of the first quarter.