Every Day Sees Five Firms Collapse

01 December 2011 - Which Way to Pay

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Every Day Sees Five Firms Collapse

Figures compiled by Vision-net, a business intelligence firm, show that the number of companies collapsing has risen by 20% this year alone. This averages out to five every day folding. The first 11 months of this year saw a whopping 1,829 companies closing. The closing firms left behind around 1.15 billion worth of debt.

73% of the firms closing this year so far were liquidated. Receiverships accounted for 26%, and examinerships making up the 1% remainder. According to Vision-net, the increase in the number of firms struggling is due to decreased profits and troublesome to repay debts.

The figures show that 46,931 companies in total have had to close down since 2008. 4,000 of these were within the property and construction sector, which was the area worst affected. Throughout the same period, 55,539 companies have been started up, making an average yearly growth of 2,152 firms.

The retail sector has reported a net increase of 2,300 companies regardless of dwindling consumer confidence and slowing spending. Other sectors to have expanded include IT, hospitality, transport and communications. Among the 13,382 companies to begin trading this year, a total 14,628 directors attached to them have past experience but 23,040 others were setting up for the first time.

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