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Monday, 30 July 2012

Retail insolvencies buck the improving insolvency trend

According to a report by PricewaterhouseCoopers, the retail sector is suffering a big rise in insolvencies in the last 3 months when compared to last year.  This is not surprising considering the weather and the dampened consumer confidence.  426 retailers collapsed in the second quarter compared to the 386 a year ago.  Of course, Clinton Cards was the biggest company to fail but a number of these have been bought.  
Across all the other sectors there has been an improvement in the insolvency rate with, 15.5% fewer construction firms had gone bust than in the previous quarter, and 8.4% fewer manufacturers.  This has led to an improvement across all sectors of 3% to a total of 4000.  It should be noted that this is an insolvency rate of less than 1%.  In the early nineties the insolvency rate was some 2.5%.  
Again though, this construction data is not looking at the year on year figure.  Construction is having a hard time this year with the cutting back of infrastructure building and new house starts.  As such it does appear to be dragging down the GDP figures.
If you are struggling then you should seek to act early.  Take a look at our cost cutting guide pages and how to get  time to pay your VAT or PAYE bill 

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