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News - 2 January 2014

Firms in Administration down by 11% in 2013

According to a recent survey by a leading business advisory company, the number of firms that went into administration in 2013 was 1,629 compared with 1,833 in 2012, a drop of 11%

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“In the retail sector, the number of firms going into administration fell by 6% to 183 in 2013, compared with 194 in 2012. Other sectors that experienced fewer administrations in 2013 included the hospitality and leisure sector, which fell by 17.5% to 141, and property and construction, which fell by 24% to 322. The healthcare and social services sector was the only sector that experienced an increase in company administrations in 2013, with an increase of 7% to 45.”

“This is great news for the property and construction industry. This shows a significant reduction and reflects the recovering health of the sector and we will hopefully get a knock-on effect in other areas such as retail, DIY, and the hospitality and leisure sector.”

If you need any help and advice for your business on financing, cash-flow, management accounts or business development and or recovery, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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