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All East of England businesses likely to face challenges in 2018, say insolvency experts

PUBLISHED: 14:31 20 December 2017 | UPDATED: 16:05 20 December 2017

Mark Upton, partner at East Anglian chartered accountants Ensors, who has been appointed chairman of insolvency trade body R3's east of England branch. Picture: Hanley PR

Mark Upton, partner at East Anglian chartered accountants Ensors, who has been appointed chairman of insolvency trade body R3's east of England branch. Picture: Hanley PR

Hanley PR

The number of East of England businesses at a greater-than-normal risk of insolvency has reach its highest point of the year, new research shows.

Statistics for December from restructuring and insolvency trade body R3 showed more than one in three businesses (34.6%) in the region are now in the elevated insolvency risk band – equal to around 117,700 companies, 35,000 more than were in the band at the start of 2017.

The figures, compiled using Bureau Van Dijk’s Fame database, recorded significant increases in the number of businesses at higher risk of insolvency across each of the 11 key business sectors which R3 monitors.

R3 Eastern chairman Mark Upton, a partner at Ensors accountants in East Anglia, said there was some good news for the agriculture and tourism sectors, which proved to be the most financially stable, but that “all businesses are likely to face some challenges going forward”.

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