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
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
Smith & Williamson has been appointed administrators of charity 4Children