Business Insolvency Is there a north south divide

The latest Insolvency Index from Experian has shown a widening north versus south business failure divide, with southern firms faring far better than those in the north. 

 

London and the South East of England saw insolvency rates fall between October and November, while company failures increased in the North East, North West and Yorkshire.

 

During November, insolvency rates were highest in the North West (0.14%), North East (0.12%) and Yorkshire (0.11%).  By comparison, the South East, South West and Greater London recorded failure rates of 0.07%, 0.08% and 0.08% respectively.

 

Across the country, there was a small month-on-month improvement in the rate of business insolvencies, from 0.10% in October to 0.09% in November. Out of the UK’s business population, this represents 1,736 firms falling into business bankruptcy in November. In November 2010, the insolvency rate 0.07%.

 

The average financial strength of businesses in the UK deteriorated by 0.5% in November, falling to 78.07 from 78.44 in October. In November 2010, the average financial strength score was 81.31. 

 

Max Firth, managing director for Experian’s Business Information Services division in the UK & Ireland, said: "The latest insolvency index highlights that some businesses continue to need to assess the risk strategies they have in place very carefully. They need first to understand the risks they are exposed to and then protect themselves from debt that could be detrimental to their business on a regular ongoing basis."

source: bestadvice.net

Struggling businesses should consider turnaround experts

With the economic back drop for 2012 set to be rocky on a macro economic level. The Turnaround Management Association urge stakeholders to work together to help struggling businesses.

Business stakeholders are all parties that have a financial and vested interest on the business success or failure, so these will typically include Equity Shareholders, Directors, Lenders / funding partners and significant creditors.

Companies that feel they are at risk should look at these symptoms on the following business turnaround website. Business Turnaround Managers are like a paramedic for your Company, their talent is demonstrated in the ability to make quick and decisive decisions to rescue a company.

There is also a great article on funding a business turnaround here produced by the Turnaround Management Association.  (Its a handy PDF.)

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