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15% increase in small firms in distress

15% increase in small firms in distress

A new report from Begbies Traynor shows a near 80,000 rise in firms in distress in the fourth quarter of 2020, a 15% jump and a large share of the total 118,000 increase since the pandemic struck. Now almost 600,000 small businesses are on the brink as industry leaders call on the Chancellor to take action at the Budget. Craig Beaumont, chief of external affairs of the Federation of Small Businesses, said: "More than two thirds of small firms are now carrying some form of debt, with 40% of these saying the debt is now unmanageable." Nikola Dacic, economist at Goldman Sachs, warned that "recent data shows emerging signs of tighter credit for SMEs and rising insolvency risks."

Read more: The Daily Telegraph


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