Insolvencies drop in East Mids
The number of businesses failing in the East Midlands has dropped 8.7 per cent in the first quarter of 2011. That's according to figures from Equifax, which states the region had the greatest drop in insolvencies in the UK over the last month.
According to the data, the number of East Midlands businesses facing insolvency in the first quarter of 2011 was 428, down from 469 in the same quarter of 2010.
During April and May this year, the number of failing businesses dropped 15.3 per cent to 243 – the biggest fall in the country.
Across the UK, the number of insolvencies fell almost 8 per cent year-on-year.
Neil Munroe, external affairs director at Equifax, said: "At the end of last year, there was a steady drop in the number of businesses failing, which continued into the first few months of 2011.
"At the end of February we saw a year-on-year decrease of 7.9 per cent, however this levelled out slightly for the Quarter as a whole, ending on 5.9 per cent. But this performance overall offers clear encouragement for businesses across the UK."
