That's according to the latest figures from Begbies Traynor’s ‘Red Flag Alert’, which monitors the financial health of UK companies.
Nationally, the latest Red Flag Alert research for Q1 2024 recorded 554,554 businesses in significant distress, which is 30.8 per cent higher than the same period in 2023. Mark Malone, partner at Begbies Traynor in Shropshire, said: “The macroeconomic conditions that made last year so difficult have continued to exert unrelenting pressure on corporate balance sheets. Despite some optimism as we entered the new year, 2024 has so far been characterised by a continuation of the same pressures that plagued companies in the UK throughout 2023.
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