East Mids insolvencies drop
The number of East Midlands companies going bust has reduced by 15 in the past year, according to research from PwC.
In total, 185 companies in the region became insolvent in the third quarter of 2011, compared to 200 in the previous quarter. This represents a 7.5 per cent decrease.
The East Midlands also had the biggest fall in corporate insolvencies in the third quarter of 2011 compared to the same quarter last year – a decrease of 24 per cent.
Nationally, the number of corporate insolvencies in the third quarter of 2011 rose by 9 per cent compared with last year's results.
Eddie Williams, director in the business recovery services practice at PwC in the East Midlands, said: "The East Midlands has continued to see a steady fall in corporate insolvencies and based on a comparison with Q3 2010, it saw the biggest fall of any UK region. However, nationally the picture is not so positive and the number of insolvencies in the majority of UK regions has risen compared to Q3 last year.
"The largest sectors responsible for this are construction (11 per cent), hospitality and leisure (18 per cent) and retail (12 per cent). Some of the drivers for these increases are well documented, most particularly the pressure on the consumer."
