Economics

Number of British firms at imminent risk of collapse soars amid ‘debt storm’

Construction and real estate saw the highest number of firms in trouble

There was a rise of over 30 per cent in the number of construction firms in critical financial distress. Picture: Getty

The number of British firms on the brink of collapse jumped by more than a quarter at the end of 2023 amid fears of a “debt storm” caused by the recent barrage of interest rate hikes, a report has warned.

The latest Red Flag Alert report from insolvency specialist Begbies Traynor found that 47,477 firms in Britain were in critical financial distress in the final three months of last year, up 25.9 per cent on ...