Growing number of business failures ‘likely’ in Northern Ireland

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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Finance Ireland hikes variable mortgage rates after ECB’s raiseNon-bank lender’s variable rates will rise to between 6.5 per cent and 6.95 per cent – some of the highest mortage repayment rates on the market
Source: businessposthq - 🏆 8. / 71 Read more »