UK Firms Face Soaring Financial Distress; Nearly 50,000 on Brink of Collapse
• Over 47,000 UK businesses are on the brink of collapse, with critical financial distress jumping 25% in the last quarter of 2022.
• The construction and property sectors accounted for 30% of businesses facing critical distress.
• Financial distress grew by over 30% in construction and over 40% in health/education sectors.
• 18 of 22 sectors covered saw double-digit percentage rises in critical financial distress.
• The number of firms facing significant financial stress rose nearly 13% to almost 540,000 businesses by the end of 2022.