BIRA says insolvency figures are ‘worrying’

BIRA has said it is saddened to see the latest insolvency figures showing the worst year since 2009.

The figures, released by The Insolvency Service, show that insolvencies rose 10% from a year ago in the three months to the end of September. Statistics from July to September 2023, show that there were 6,208 registered company insolvencies, comprising 4,965 creditors’ voluntary liquidations (CVLs), 735 compulsory liquidations, 466 administrations, 41 company voluntary arrangements (CVAs) and one receivership appointment.

After seasonal adjustment, the number of insolvencies in Q3 2023 was 2% lower than in Q2 2023, but 10% higher than the same period in 2022. The last two quarters saw the highest quarterly insolvency numbers since Q2 2009, and the highest numbers of CVLs since the start of the series in 1960.

Andrew Goodacre, ceo of BIRA, commented: “This news is very worrying. Our members are telling us all the time how difficult it is on the high street.

“Comments that are coming through to us and I’m hearing all the time from our indie retailers are that its ‘tougher than Covid’ and that they are feeling ‘worn out’. Indie retailers are resilient and will keep going but they need some support, something to help them through this difficult period.

“It is why we are calling on the Chancellor to use his autumn statement to retain the retail discount on business rates at 75%. Any increases in this tax burden will push more businesses into closure and there will be many more empty units on the high streets throughout the UK. We have submitted this proposal to the Treasury, along with other ideas such as increasing the employer’s national insurance allowance and reducing corporation tax to help the smaller retailers.”

MORE NEWS
Copy of Progressive Preschool featured image (22)
 
BHETA is collaborating with GIMA to provide a combined voice for family-owned manufacturing businesses to the outcry about the changes to Business Property Relief (BPR). ...
Copy of Progressive Preschool featured image (16)
 
Retailer, Søstrene Grene will open its fifth London store near Oxford Circus this spring. ...
Copy of Progressive Preschool featured image (15)
 
Following the news that Michelle Dickinson has retired from her position as md of Burton McCall, the company has announced promotions within the management team....
Copy of Progressive Preschool featured image (14)
 
Source Home & Gift has successfully concluded after four dynamic days at NEC Birmingham....
Copy of Progressive Preschool featured image (13)
 
BHETA is hosting a webinar entitled 'Navigating Sustainability Regulations and Reporting' on Thursday 13 February at 10.30am. ...
Beales
 
The department store is set to close its store in the Dolphin shopping mall in Poole at the end of May....
Get the latest news sent to your inbox
Subscribe to our daily newsletter

The list doesn't exist! Make sure you have imported the list on the 'Manage List Forms' page.