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Growing number of business failures ‘likely’ in Northern Ireland

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Number of firms experiencing distress rose by almost 6%, data from insolvency practitioners Begbies Traynor shows

This type of distress refers to businesses showing deterioration in key financial ratios and indicators including those measuring working capital, contingent liabilities, retained profits and net worth.

The rest of the UK saw a 3.7 per cent uplift in early distress since the previous quarter. Just 7,384 of the 438,702 businesses across the UK suffering from early distress in the quarter were in Northern Ireland. “Not only are many struggling to recover from the huge disruption of a two-year global pandemic, they are also having to find the resources to repay the government’s bounce back loans which are now due, as well as seeing revenues fall during an ongoing cost of living crisis.

“In this tough economic landscape, it is no surprise that levels of distress are continuing to rise,” he continued.

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