The number of small businesses considered to be in financial distress has increased by nearly a fifth in the past year.
A large number of companies in critical distress is due to a rise in construction and hospitality firms unable to pay debts, high energy costs and labour costs.
In the first 3 months of 2022 there where around 5000 insolvencies, more than double the amount at the same time as last year.
Businesses are also struggling to find staff, with a large number citing wage increase pressures as a huge factor. The Federation of Small Businesses (FSB) published a survey which states that many businesses are operating under capacity and did not expect to grow this year due to costs.
If you are struggling due to high rates, debts or staff shortages talk to us to see if we can advise on the best course of action for your business.