News

Economic disruption caused by COVID‐19 will see unpaid business debt double to more than £8.6bn
this year. According to The Insolvency Service over 17,000* companies went out of business in 2019, with analysis by financial risk firm Red Flag Alert showing this meant £4.3bn of invoices were written‐off.

In September this year supercar enthusiasts from around the world gathered at a quiet former monastery in Switzerland for a unique opportunity. Twenty-five supercars, including Ferraris, Maseratis and Lamborghinis were all up for auction – but what made this unusual was that they were all from a single collection.

There are 124,000 businesses across Greater London in significant financial distress, with almost all sectors being affected. Red Flag Alert data for Q3 2019 found that significant financial distress is increasingly prevalent throughout the capital, with 21 out of 22 sectors experiencing an increase.

Interserve, the construction firm appointed to develop The Christie hospital in Manchester, has entered into administration with all the company's assets immediately moving to a new specially formed company.

Bury is the most entrepreneurial borough in Greater Manchester with the highest rate of firms launched last year, according to new research published today.

The number of UK companies rated as being in ‘significant financial distress’ during Q3 2018 has increased by 5% compared to the same quarter last year, according to the latest Red Flag Alert research data from Begbies Traynor, the UK’s leading independent insolvency firm.

With 18 pubs closing every week, what does the future hold for the 50,000 that remain? The environment seems bleak: increased tax on alcohol, a decreasing drinking culture among millennials and economic uncertainty are three headline reasons for pessimism, but is there reason to be hopeful?

Data from Red Flag Alert, which monitors the financial health of UK companies, identifies 472,183 businesses were experiencing ‘Significant’ financial distress at the end of June 2018, up 9% compared to the same stage last year (Q2 2017: 434,492) but down 1% compared to the previous three months of the year (Q1 2018: 477,183).