Northern Ireland records highest rise in business insolvencies across UK
Print25 June 2019
Northern Ireland has recorded the highest increase in business insolvencies across the UK since the Brexit referendum, new research conducted by credit check specialist, Creditsafe, shows.
The Irish Times reports insolvencies in NI have risen by 114.3% on an annual basis, according to Creditsafe’s UK Insolvency Index.
Northern Ireland is significantly ahead of Greater London, where business insolvencies increased by 103% and Yorkshire and Humberside where business failures were up 82.4%.
Overall, the UK’s rate of insolvencies has increased in the past three years, with high profile casualties including British Steel and Jamie Oliver’s chain of restaurants.
“In the past few years we have seen many big name brands suffer on the high street and the industries we are seeing hit the hardest are retail, food and construction,” said Cato Syversen, chief executive of Creditsafe.
Creditsafe’s data also shows the West Midlands, the East Midlands and Scotland were the least affected parts of the UK for business failures during the past 12 months.
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