business failures

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Business Failures rise by a 3rd

The number of UK businesses going bust increased by 29% in July compared with the same month last year, research by credit rating firm Equifax has revealed. The research from Equifax found that the transport and communication sector was worst hit, with a 59% increase in business failures compared with 2007. The next worst hit was the construction industry where failure increased by 57%, manufacturing (39%) and retailing (33%). The service sector has suffered the least – with only a 12% increase in failures compared with last year. Equifax head of commercial solutions Nic Beishon said: “With the price of fuel spiralling even higher, many businesses are starting to feel the pinch as overheads continue to soar. The property downturn has also had an impact on the construction secto... »

Business Failures Up

Restricted access to finance and late–paying customers have caused UK business failures to increase by 17.5 % in the first half of the year compared with the same period in 2007, according to credit rating firm Experian. Research found that there were 10,512 business failures in the first six months of the year. Most of these were in the property sector, followed by banking & finance, and post & telecommunications. “As the credit squeeze continues small businesses could well be bearing the brunt of a worsening late payment culture,” said Experian Business Information managing director Tony Pullen. “Larger companies traditionally take longer to settle their bills than medium–sized and small businesses, and smaller suppliers are likely to be the biggest ... »