Corporate failures jumped in 2005 after two years of slowing down, up by 11%
to 18,122, according to figures from Experian.
The number is the highest since 2002, and has mainly come from the struggling
retail and business services sector.
And with a number of high-profile retailers entering into administration in
the last few weeks, including Unwins and MVC, Experian expects the number of
corporate failures to rise over the next 12 months.
‘The financial landscape for UK companies had already begun to change by the
start of 2005 as rising interest rates and the consumer slowdown all took their
toll,’ said Richard Lloyd, managing director of Experian’s business information
Administration orders increased by 44.3% over the year, bringing the total
for 2005 to 2,356.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies