Latest figures released by insolvency experts Begbies Traynor, show what we all pretty much expect, that UK business failures more than trebled during 2008.
A total of 5,651companies faced critical problems during the last quarter of 2008 as the full effects of the global financial crisis spread throughout the whole economy. The sectors worst affected says the report are advertising, transport and communications and property, all of which rose by 150% during the final quarter of the year.
Although retail companies facing collapse saw an increase during the same period, the rise during the final quarter was only 81%. With many retailers anxious to see out the Christmas period at any cost, Begbies Traynor expect the sector to show a sharp increase in failures during the first quarter of 2009.
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