For help please call Sarah on: 0114 285 9500

For help and advice contact Sheffield 0114 2859500 or Rotherham 01709 331300 or Huddersfield 01484 483095

For help and advice contact Sheffield 0114 2859500 or Rotherham 01709 331300

Y&H region has highest rate of company insolvency

Official figures published by the Government’s Insolvency Service have highlighted a stark contrast in the likelihood of success for businesses based in Yorkshire and the Humber in comparison to businesses across the rest of England and Wales.

The statistics have revealed that companies in Yorkshire and Humberside have a 59% higher rate of failure than the national average.

In 2017, the latest year for which full figures are available, the rate of failure for companies in Yorkshire and the Humber were 129 per 10,000, much higher than the average failure rate of 89 per 10,000. The neighbouring North East region had a failure rate of 123 per 10,000 enterprises.

“These figures show how tough it is to run a business at the moment,” said Deborah Lockwood of Graywoods.
 
“Whilst we can’t be certain from the figures exactly why the failure rates in the north of England are so much higher than the rest of the country, there is anecdotal evidence to suggest that there are two forces at play.
 
“On the one hand, the north of England is an entrepreneurial spirit which encourages start-ups. However, there is a lack of awareness of the support that is available to companies that get into difficulties.
 
“Many directors simply don’t know about the range of rescue and turnaround options that are on offer. At Graywoods we specialise in helping directors explore all their options so they can make an informed choice.”

To find out more about the full range of business rescue, restructuring and turnaround services provided by Graywoods call Deborah Lockwood today on 0114 285 9500. We can help.

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