Begbies Traynor (GB:BEG) has released an update.
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Begbies Traynor’s latest ‘Red Flag Alert’ shows a significant 36.9% year-on-year increase in UK firms experiencing financial distress, with over 600,000 businesses affected in Q2 2024. Sectors facing the highest increases include Travel & Tourism, Hotels & Accommodation, and Bars & Restaurants, reflecting weak consumer confidence. The report anticipates a rise in business insolvencies, particularly in Construction, Real Estate, and Support Services, which make up nearly half of the ‘critical’ financial distress cases.
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