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North east businesses see insolvency rate fall - April 27, 2012 New figures from Experian have revealed that the rate of business insolvencies steadied in March with 0.11% of the UK’s business population failing, the same level as recorded last year. The north east, a region that has traditionally been one of the hardest hit for insolvencies, recorded a significant improvement in failure rates, declining from 0.22% of its business population in March 2011 to 0.14% in March 2012. This was the biggest year-on-year improvement of any region. The health of the business community in the north east, measured using an average of Experian financial strength scores attributed to local businesses, rose from 81.71 in March 2011 to 84.50 in March 2012. Only businesses in the east Midlands recorded a bigger average improvement in financial strength, from 81.82 in March 2011 to 84.89. Max Firth, UK managing director for Experian’s business information services division, said: “March was a positive month for businesses in the north east, and an improving financial strength score is encouraging. It highlights that even in regions which have experienced some of the highest insolvency rates during the past year, there will be potential pockets of opportunities for organisations to extend credit and increase business. “However, the north east does still have the second highest insolvency rate in the UK, so it is vital that businesses fully understand the financial risks associated with firms they deal with. This message is pertinent across the UK, regardless of region or sector. Where there are risks there are also opportunities.” Of the UK’s five biggest sectors – business services, building/construction, property, IT and leisure/hotel – the building/construction sector experienced a small drop in its insolvency rate, from 0.20% in March 2011 to 0.19% in March 2012. It was also the sector to see the biggest improvement in its average financial strength score – from 78.11 in March 2011 to 82.67 in March 2012. The biggest increase in the insolvency rate came from the leisure/hotels sector. The rate rose from 0.17% in March 2011 to 0.21% in March 2012. In comparison to all 34 sectors analysed, the leisure/hotels sector held the third highest insolvency rate in March. « Go Back © Business-Money.com Ltd

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