More than 12,500 firms across the North East are now in financial difficulty, latest research reveals, with business trade bodies warning the figure is just the tip of the iceberg.
Business distress has soared by 31% across the region since the end of 2019, with more than 3,000 more businesses now reporting financial trouble, according to the latest Red Flag Alert report by business rescue and recovery specialist Begbies Traynor.
Distress levels also jumped by 14% in the last three months of the year, as a further 1,500 companies in the North East plunged into distress.
The Red Flag Alert research, for Q4 2020, also recorded significant distress affecting 630,000 businesses across the UK, a 27% year-on-year increase nationally, with Lo…
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