Fri, 16 Jun 2023 | BUSINESS NEWS
The May 2023 company insolvency statistics have today been published by the Office for National Statistics.
The number of registered company insolvencies for May 2023 was 2,552, 40% higher than recorded in May 2022 (1,825) and up from 1,685 in April 2023.
The 2,552 total insolvencies were comprised of:
151 administrations, up 80% over May 2022
2.181 creditors’ voluntary liquidations (CVLs), 38% higher than in May 2022
189 compulsory liquidations, up 34% over May 2022
31 compulsory voluntary arrangements (CVAs), 121% higher than May 2022
What is clear is that whilst the pandemic is largely in the rearview, many businesses took a big hit and are struggling to bounce back. The after effects for businesses are forecast to linger for some time.
London-based corporate restructuring advisers ReSolve were recently appointed as Administrator to London Irish after it was unable to recover financially from the pandemic, following the closure of stadiums and subsequent loss of significant match day revenue. Sadly, this is the third Premiership rugby team this year to fall into administration and the firm is seeing this across other businesses in the leisure and hospitality sectors.
The uncertainty around interest rates is unlikely to have helped matters with concerns about future higher costs of debt and overheads and it is likely more pain will be experienced in the second half of 2023.
A renowned destination business, under current ownership in excess of 20 years, not seasonal, enjoying all year round local trade, only offered for sale to pursue retirement. Sales 2022 £624,015 ex Vat, Gross Profit £364,655, serving traditional menu...
FREEHOLD
The business has been under our client ownership since 2020. During that time, the business has built up an excellent reputation and loyal customer base. As seen by the online ratings and reviews, the business is extremely popular within the local ar...
LEASEHOLD
This self drive van hire business started 35 years ago. approx 40 vehicle fleet from small vans to 7.5 tonne, massive scope for expansion, a lot of repeat business.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.