Insolvency rates rise in East Mids
There has been a 12.4 per cent rise in East Midlands business insolvency rates since last year, new data from Experian has revealed.
A new study from the data analyst reveals that 100 businesses in the region went bust in November 2011.
This represents 0.09 per cent of the total businesses in the region, up from 0.08 per cent a year earlier.
Max Firth, managing director for Experian’s Business Information Services division in the UK & Ireland, said: "The latest insolvency index highlights that some businesses continue to need to assess the risk strategies they have in place very carefully.
"They need first to understand the risks they are exposed to and then protect themselves from debt that could be detrimental to their business on a regular ongoing basis."
UK-wide, of the five biggest industry sectors only property recorded a fall in insolvency rates. Business services, IT, leisure/hotels and building/construction all experienced a higher rate of insolvencies.
