More UK companies failing in 2002
Business failure rates continue to climb as the number of insolvencies in the third quarter of 2002 increased 16% over the same period last year.
A total of 4,754 companies failed, up 655 from 2001. And the first nine months of 2002 saw 14,198 failures, an increase of 1,481 compared to 2001, according to figures released today by Experian.
The industry sector which saw the highest number of failures was business services, with 910 – an increase of 13.8% over Q3 last year.
‘The increases have come virtually across the board, covering service and manufacturing industries, and throughout the UK,’ said Phil Cotter, director of Experian’s Business Information Division.