A closely-watched report has noted the largest quarterly leap in the number of businesses suffering significant financial distress since 2014 following a year of coronavirus disruption.
The latest Red Flag Alert produced by insolvency specialists Begbies Traynor measured a jump of 93,000 firms in the first quarter of 2021, a period that took in the anniversary of the UK’s first COVID-19 lockdown last March.
It meant there were 723,000 businesses suffering in total, the report said, a 42% increase over the past year.
The quarterly rise was put down to the latest enforced shutdowns of parts of the economy deemed non-essential as UK national governments sought to curb the spread of the virus and protect citizens through the vaccination …
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