NEW research has revealed the shocking statistics that more West Midlands businesses are standing at the brink of insolvency than at any other time this year.
New monthly research by the Midlands branch of restructuring and insolvency trade body, R3, shows that over one in four businesses in the region - 27 per cent - are now at higher than normal risk of becoming insolvent.
R3 Midlands chairman Chris Radford
R3’s August figures, compiled using Bureau Van Dijk’s Fame database, highlight that this is equivalent to over 73,500 West Midlands companies.
Of the key West Midlands business sectors monitored by R3, hotels was the only sector to register a decrease in insolvency risk this month.
R3 Midlands chairman Chris Radford said: “Midlands insolvency practitioners have been reporting a tougher time for businesses throughout 2017 and our latest sector research backs this up.
“It is therefore vitally important for companies to continue to heed the numerous economic warning signs. As always, business owners must continue to monitor their finances carefully in this testing economic climate.
“If cash flow becomes a major challenge, it is imperative to seek professional advice sooner rather than later.”