According to recent research, insolvency numbers in the UK have risen in the past six months since the vote to leave the European Union.
The findings, gathered using data collected from notices in the London Gazette, show that last year 1,174 companies entered into administration, compared with 1,111 in 2015.
The construction industry was most significantly affected, with 174 firms becoming insolvent. This was mainly due to the drop in the value of Sterling and the increase in costs for imported raw materials which is squeezing profit margins.
Retailers were also hit, with 89 businesses entering insolvency, as was the social care and nursing homes sector and the hotel and leisure sector.
If you have any concerns about the financial position of your business, speak to our experts at BM Advisory – the sooner advice is taken, the greater the range of options that could be available to you to resolve any issues and get back on the right track.