Increase in corporate insolvencies fuelled by Brexit vote

The UK has seen a 2.2 per cent increase in the number of corporate insolvencies, that's according to the Insolvency Service Q3 figures released today.

The financial implications of Brexit are already beginning to hit businesses, with currency fluctuations and the challenging UK financial market causing more companies to fail.

Commenting on the findings, a spokesperson says: “Many businesses, particular those importing raw materials or other goods (are now) stuck between a rock and a hard place; facing rising costs whilst still needing to stay competitive. Policy makers and legislators should see these statistics as a call-to-action; underlining the need to act now to improve conditions for smaller businesses and support them through the coming Brexit uncertainty.”

At Beavis Morgan, we work with our clients to put processes in place which make it easier to run your business and to maintain effective management of your company’s working capital. We also assist with management accounts, enabling better control of your financial situation and awareness of the business in real time, enhancing planning for the peaks and troughs.

Through our partner businesses, BM Structured Finance and BM Advisory, we are able to help with sourcing and restructuring debt finance for SME businesses, as well as assist with resolving issues which can impact on business performance and success, and find innovative solutions for businesses and individuals in distress.

Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.