UK Business Insolvencies Soar 52% in 2023 as Pandemic Fallout and Economic Woes Slam Small Firms
• Company insolvencies in the UK rose 52% from 2021 to 2023, with 30,199 businesses involved in insolvency actions last year
• The pandemic gave struggling companies "breathing space" but hurt thriving ones; now inflation and economic woes are slamming small businesses
• Multiple business owners cite how Covid-19 and lockdowns destroyed their companies, leading to pivots, new ventures, or shutting down
• Invoices are being paid later - 45% of UK company invoices were late in 2023, up from 35% in 2021
• There are worries that with sluggish 2023 growth, small business finances may worsen in 2024 even if the economic outlook improves