UK companies are experiencing the biggest increase in financial distress in three years, according to latest research.
Approximately 330,000 UK firms are suffering “significant” distress, a 25 per cent increase in a year. The report, which determines whether a company is in distress by using both county court judgments and its own credit risk scoring system, highlights concern that a cooling housing market is proving particularly challenging for property and construction companies, with smaller firms bearing the brunt.
Concerns about Brexit and the rising cost of imported goods are also causing strain for businesses. Our experts are Beavis Morgan work with businesses across a range of sectors, assisting with the implementation of effective risk management procedures and working together to enhance business growth and optimisation.
For further information or to arrange for a no obligation preliminary meeting to discuss how we can help you and your business, please contact please contact Steve Govey or your usual Beavis Morgan Partner.
If you have any concerns about the financial position of business, our partners at BM Advisory specialise in finding innovative solutions for individuals and businesses in distress and are available to assist. Contact Andy Pear or Mike Solomons of BM Advisory or speak to your usual Beavis Morgan Partner.
Further reading: Businesses must keep a constant lookout for risk factors in their supply chains