Companies across the North West have cause for cautious optimism as the number of insolvencies in the region fell by 11% compared with the same time last year.
The latest figures released by Business Information Specialists, Experian, show a welcome decrease in the number of insolvencies right across the country. The South East, Wales and Greater London recorded improvements of 20.7%, 12.1% and 11.6% respectively. The West Midlands fared less well with an increase of 18.2%, but the national picture remains positive, with an overall reduction in insolvencies of 6.1%.
Alan Cadman, Partner at Poppleton & Appleby, commented: “It is great news that 11% fewer companies failed across the North West this year, particularly in the light of the bleak data being reported by the media.
“However, in the same report Experian also advised that companies with 101 or more employees saw a small increase in the rates on their insolvencies against June last year.
So, although these numbers are very welcome, they should be considered in the context of historically low interest rates.
“It may not be all good news, but it’s definitely an encouraging sign for the future.”