December 13 2013 Latest news:
Tuesday, October 22, 2013
Business insolvency rates fell for the fifth consecutive month according to new figures - but in the East of England firms posted a slight increase.
The latest business insolvency index from Experian also noted that there was a fall in the rate for larger companies - those with more than 500 staff, while firms with between 100 and 500 staff also performed better showing the biggest fall in insolvencies. Most regions recorded falling or level insolvency figures, but there was a slight rise in the East of England, which saw its rate up to 0.10pc from 0.07pc.
Once again, the most significant drop was in the Building & Construction industry, with its rate dropping from 0.14pc to 0.11pc – the 11th month it has fallen year-on year – reflecting a more benign environment for house-building.
Banking and financial services also continued its positive trend, with a drop from 0.15pc to 0.10pc.
The Leisure and Hotel industry will be encouraged to see another drop from 0.13pc to 0.11pc.
It is now a year since this industry saw a rise in its monthly insolvency rate. Sectors to see a rise in insolvencies included the food manufacture and food retailing businesses.
Max Firth, managing director, Experian Business Information Services, UK&I said: “The drop in larger company insolvencies is welcome news, and it is encouraging to see that some of the key drivers of the economy such as construction and financial Services are performing well. By having a good handle on the financial position of both suppliers and customers, firms can keep on top of risks, as well as investing in growth areas where possible.”
Business secretary Vince Cable has been issued an ultimatum by two Norfolk MPs to back Caterham Cars proposed move to Norfolk – or risk losing the iconic brand to France.