Almost 3,800 Shropshire companies are now classed as being in ‘significant’ economic distress, according to the latest figures from Begbies Traynor’s ‘Red Flag Alert’, which monitors the financial health of UK companies.
Ongoing economic uncertainty, inflationary pressures and debt burdens, along with persisting weakness in consumer confidence, are all contributing to business stress in Shropshire, with 3,784 at risk of economic failure.Looking at the sector picture, there are 636 construction businesses in significant distress, making it the most troubled sector in the county.
Nationally, the latest Red Flag Alert research for quarter three 2024 recorded 632,756 businesses in significant distress, an increase of 32.3 per cent on the same period in 2023. Meanwhile, the number of businesses in ‘critical’ financial distress has decreased, with a quarterly fall of 23.2 per cent to 31,201 and a year-on-year drop of 17.3 per cent.
"While the decline we have seen in 'critical' financial distress at a national level is a welcome surprise after a challenging year, it is too early to say if this is a trend that will continue into the autumn – traditionally a busy period for corporate insolvencies.
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