NW insolvencies hit 14-month high, surpassed only by Greater London
The number of insolvency-related activities in the North West reached a 14-month high in May, according to new research from R3, the insolvency and restructuring trade body.
R3’s analysis of data provided by Creditsafe shows there were 452 cases of insolvency-related activity, which includes liquidator appointments, administrator appointments and creditors’ meetings, in the North West in May.
These figures were the highest since March 2023, when 476 cases were recorded.
Insolvency-related activity rose by 15% in May 2024, when compared with the previous month and rose by 16.5% compared with May 2023’s total of 388.
Fran Henshaw, Chair of R3 in the North West and also Head of Corporate Recovery and Insolvency at Beever and Struthers, said: “The monthly and yearly rises in insolvency-related activity in the North West reflect the challenging trading climate that many businesses are still experiencing post-pandemic, and the effects of the cost-of-living crisis.
“The cost of rent and raw materials are still key pressure points for many business owners, while demand to increase staff wages has left many businesses struggling to grow, pay their bills, or to pay off existing debt.”
The North West saw the second highest monthly total of insolvency-related activities of all the UK regions and nations in May, surpassed only by Greater London which recorded 607 cases.
