There has been a record jump in the number of UK businesses in critical financial distress, according to insolvency specialists.
Businesses in the most distress include those in hospitality, leisure and retail, but the construction industry is also facing challenges.
Insolvency experts Begbies Traynor said a company can be considered to be in critical financial distress if it has an outstanding county court judgment of more than £5,000 or faces a winding up petition.
“The last two years have been really quite stressful trying to run a business,” said Helen Gorman, who decided to close her café bar TwentySix in Cardiff this month due to rising costs.
“The industry as a whole is horrific and some of these challenges I don’t think any…
