Latest quarterly figures from the Insolvency Service have indicated that business insolvency numbers across England & Wales were 31% higher than in Q1 2021 and 4% higher than in Q2 2020. There were 3,116 seasonally adjusted corporate insolvencies in Q2 2021, an increase of 31.4% compared to Q1 2021’s figures of 2,371 and a rise…

One in seven shops is lying empty, with the number rising over the last three months even as the economy reopened, new figures from the British Retail Consortium (BRC) and Local Data Company. show. In the second quarter of 2021, the overall GB vacancy rate increased to 14.5%, from 14.1% in Q1. It was 2.1…

New research from Paragon Bank revealed that 54% of UK SMEs have already either met or exceeded pre-pandemic turnover levels, with more than nine in ten feeling positive about their post-pandemic recovery. One in five SMEs (22%) have now exceeded pre-Covid turnover levels, while 31% are now matching pre-pandemic figures. Of those still working towards…

The latest Red Flag Alert research for Q2 2021 has recorded 650,000 businesses in ‘significant financial distress’ – the second-highest distress level ever recorded by this research. However, this number has fallen 10% since the highest recorded number of significantly distressed businesses in Q1 2021 (723,000) by the Red Flag Alert, as the economy has…

County Court Judgments (CCJs) registered against businesses England and Wales fell by 24 percent in the second half of 2021 (H1 2021), compared to the same period in 2020, according to figures released by Registry Trust. The number of CCJs against businesses fell from 46,117 in H1 2020 to 35,228 in H1 2021. The total…

Loans were taken out by small businesses to cover workforce costs spiked from 1% in March 2020 to 14% in April 2020, according to analysis by CapitalBox. CapitalBox research also found that 34% were unable to reinvest in their business to survive, 25% were unable to pay their employees whilst 25% turned down work. SMEs…

Around 10% of Scottish construction companies and sub-contractors could close by the end of 2022 following the expiration of Covid-19 supports, a construction sector restructuring specialist at Azets has warned. With The Corporate Insolvency and Governance Act 2020 introducing a number of temporary measures which are due to end on 30th  September 2021, to provide protection for…

Businesses claimed back £11.5bn in overpaid corporation tax from HMRC last year, as Covid losses hit as the amount of overpaid corporation tax being repaid to businesses jumped 26% from £9.1 billion the year before according to analysis by UHY Hacker Young. The analysis says that businesses pay corporation tax based on forecast profits for…

Businesses were supported through the pandemic with nearly £80 billion of emergency government-backed loans, final figures published by HM Treasury have revealed. Over 1.67 million loans have been provided, protecting millions of jobs and livelihoods across the UK at a time of unprecedented uncertainty and crisis. Government-backed loan schemes have supported businesses of all sizes…

In June the following administration notices have been issued and advertised in the London Gazette for the following companies: ADRIAN POOLE & SONS INTERNATIONAL LTD AF BIOMASS LTD ALEXANDERS DISCOUNT LTD ARDLEIGH COMMERCIAL PROPERTIES LTD ARTISAN H (KINGS WATERFRONT) LTD BETINDEX LTD BH PRECISION LTD BIRMINGHAM CROSSWAYS HOUSE CENTRE LTD BULSATCOM INVESTMENT LTD BULSATCOM UK…

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