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Yorkshire firms’ insolvency risk drops - Yorkshire Hub

Yorkshire firms’ insolvency risk drops

Chris Wood, of Clough Corporate Solutions

The number of Yorkshire firms with insolvency risk that’s higher than normal continues to drop, a survey has revealed.

The survey conducted by insolvency trade body R3 showed solid improvement for customer-facing businesses.

Eight of the 13 sectors in Yorkshire and the Humber have been analysed since September.

The number of restaurants with higher than normal insolvency risk fell to 669 businesses or 1.7%. Pubs also saw a 0.6% decline which amounts to 429 businesses.

Despite the fall, restaurants and pubs remain to be among the most vulnerable sectors in the region as 26% of them are still facing a greater risk of insolvency.

There has also been a slight decrease in sectors such as manufacturing (3.3%), hotels (7.5%), property (1%), professional services (0.4%) and transport (0.06%).

The figures were largely a reflection of national averages across the UK.

Yorkshire R3 vice-chairman Chris Wood said that Yorkshire and the Humber again showed that its economy is headed in the right direction by showing a steady recovery across a wide range of sectors.

He found the insolvency risk decline in restaurants and pubs encouraging despite the fact that they remain to be among the sectors that are at the highest risk.

The Yorkshire R3 vice-chairman emphasised the fragility of the recovery but he is hopeful that the busy festive season will lead to a further boost.

Considering that cash reserves are depleting following the recession, he urged business directors to continue with their tight and cautious cost control as well as to keep a close eye on cash flow.

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