The number of channel firms going into administration increased in 2008, according to the latest insolvency figures from credit reference firm Graydon.
Figures show that 260 firms went bust last year through a mixture of voluntary liquidations, compulsory liquidations and receivership, compared with 167 in 2007.
But despite the increase, the fourth quarter of the year did not perform as badly as expected with 61 insolvencies in the quarter compared with 63 in the Q4 2008.
Insolvencies had been creeping downwards since 2004 which saw 269 firms fail, with 238 firms going bust in 2005, 174 in 2006 and 167 in 2007. The worst year for insolvencies in the past decade was 2002, which saw 413 firms go out of business.
Mark Ancell, head of intelligence at Graydon, said: “The Q4 results were better than we thought they would be, but unfortunately it seems it will be a downward spiral this year.”
See CRN on Monday for the full story.
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