BusinessBusiness RecoveryRetail and business service sector failures up 266%

Retail and business service sector failures up 266%

Companies streamlining costs causes administrations to rocket as the demand for temporary workers drops off

Company collapses in the businesses and retail sector have surged by 266%,
Deloitte has found.

Lee Manning, reorganisation services partner at Deloitte, said: ‘This sector
saw the greatest increase in the number of administrations compared to the same
period last year – up a staggering 266% and up 32% on Q2.

‘With businesses looking to streamline costs there is less demand for
temporary staff – reflected in the 67% increase in recruitment agencies alone
falling into administration. The property sector continues to bear the brunt
with administrations up 28% compared to Q2, and 61% compared to last year.’

There were 707 administration orders in England and Wales in the third
quarter of 2008 an increase of 12% on the preceding three months, Deloitte
added.

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