Insolvencies have dropped to their lowest point since June 2007, according to the latest figures from Experian.
The average financial strength score for UK businesses has also increased from 80.79 in August 2009 to 81.06 in August 2010. The biggest increase – according to the information services giant – came from the smallest businesses (one to two employees) – from 81.32 in August 2009 to 82.22 in August 2010.
In addition, more than half the UK’s regions experienced the lowest rate of insolvencies, at 0.06 per cent, with firms in the South West leading the increase in financial strength with their score rising from 82.23 in August last year to 82.73 in August 2010. Larger firms with more than 500 employees were the only group to see insolvencies actually rise, from 0.09 per cent in August 2009 to 0.14 per cent in August 2010, according to Experian.
Max Firth, managing principal of pH, an Experian company, said: “This month’s picture is very different to the one we saw back in March this year when all regions, bar one, saw an increase in insolvencies and the rate was almost double at 0.11 per cent.
“August’s figures also show an easing off of the north-south divide we saw in June, with the North East going from the region with the highest insolvency rate to one of the seven regions that shared the lowest insolvency rate of 0.06 per cent. It continues to be evident how quickly fortunes can change and the importance of closely monitoring the financial health of the suppliers and customers that businesses of all sizes deal with.”
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