Yorkshire manufacturing strongest in the UK
THE manufacturing sector in Yorkshire is showing a more robust recovery than in any other region.
Latest figures from insolvency trade body R3 for November reveal that only 17.2% of manufacturing firms in Yorkshire have a higher than normal risk of insolvency, the smallest proportion of any of the 11 regions surveyed in England, Wales, Scotland and Northern Ireland.
The East Midlands and Northern Ireland also put in strong performances (17.9% at higher than normal risk) while the poorest performances in the sector were in London (25.8%) and the South East (21%).
Yorkshire also saw a decrease of more than 1% in the proportion of high risk businesses in the sector since the previous month, with 356 firms identified as being at higher than normal risk in November out of 11,577 active manufacturing companies in the region.
R3 uses research compiled from Bureau van Dijk’s ‘Fame’ database of company information to track the number of businesses in key regional sectors that have a heightened risk of entering insolvency in the next year.
William Ballmann, chairman of R3 in Yorkshire, said: “Despite concerns that growth in manufacturing is slowing, the sector appears to be fairly resilient across the country and it is encouraging to see Yorkshire putting in the top performance in the UK last month which bodes well for employment in the region.
“While problems in the eurozone have slowed export orders, strong domestic demand has continued to benefit the sector although with output not yet back to pre-recessionary levels, it is vital that manufacturers continue to keep a close eye on cash flow and seek expert advice at the first signs of trouble.”
