Insolvency experts have warned that thousands of businesses struggling to maintain a hold on their finances could go under if interest rates were to rise.
Latest industry figures suggest 79,000 businesses would be unable to repay their debts if interest rates were to rise by a small amount, a figure four times the 20,000 businesses saying the same thing less than 12 months ago.
An estimated 25,000 businesses have admitted they were already struggling to cope with the tough trading conditions, with many businesses now possibly lacking the confidence to protect themselves.
Whilst the future remains largely uncertain for UK SMEs, due to the size and nature of their businesses, they have the advantage of being able to be flexible and quick to respond to changing market conditions. The key is to partner with the right specialist adviser who will guide you on your strategy and assist in making those all-important business decisions that will have the greatest impact on future success.
For more information about how we can assist you and your business, contact Steve Govey or your usual Beavis Morgan Partner.
Through our partner businesses BM Structured Finance and BM Advisory, we are also able to help with sourcing and restructuring debt finance for SME businesses, as well as assisting with resolving issues which can impact on business performance and success, and finding innovative solutions for businesses and individuals in distress. Contact Andy Pear or Mike Solomons for more information.