North of England had a higher number of insolvencies in November
The North West of England had the highest number of insolvencies in November
Insolvency data from Experian has revealed businesses in the South of England are faring better than those in the North.
In the North West, 0.14 per cent of businesses were declared insolvent in November, the highest in the UK, while the South East registered the lowest rate nationally of 0.7 per cent.
Martin Walmsley, head of debtor insurance at Lloyds TSB Commercial Finance, said: “Although 0.14 per cent seems a relatively small number, it equates to 265 failed businesses in a month in the North West. These companies inevitably dealt with a number of other firms in the supply chain, which are likely to have been affected by the losses.
“These statistics illustrate the need for firms to insure themselves against bad debt. Our Debtor Insurance facility can safeguard companies from up to 90 per cent of the value of bad debts suffered as a result of customer insolvency, and should be considered essential for businesses wishing to grow in 2012.”
Insolvency rates
|
Region
|
Insolvency (%)
|
|
North West
|
0.14
|
|
North East
|
0.12
|
|
Yorkshire
|
0.11
|
|
South West
|
0.08
|
|
Greater London
|
0.08
|
|
South East
|
0.07
|
