Insolvencies down in East Mids
Businesses in East Midlands are bucking the business failure trend with the number of companies going bust in the region down by more than 10 per cent in the second quarter of 2011.
That's according to the latest business failure figures from information provider Equifax.
Across the UK, the number of businesses failing has risen 2.2 per cent in the second quarter of the year when compared to the previous three months of 2011.
However, businesses in the East Midlands are bucking the trend with failures down 10.3 per cent in the second three months of 2011, compared to the first quarter. Year-on-year, the region experienced an 11.3 per cent fall in insolvencies.
Mark Nuttall, director of Equifax Commercial and SME Services, said: "Although our Report reflects strong performance for businesses in the Midlands, overall, the picture shows that many regions and sectors are struggling, as the economy fails to pick-up to any great extent.
"The failures in the retail sector in particular would indicate the lack of consumer confidence that has been reported recently. However, it is also important to realise that we are now comparing figures to a steady fall in failures for the last 12-18 months, and the actual numbers of failures are still not as heavy as they were in early 2009."
