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News - 7 May 2014

Small and Medium-Sized Firms are suffering

Figures from the Q1 Red Flag Alert survey finds that more than 200,000 small and medium-sized enterprises are in ‘significant’ financial distress, despite the improving economic climate. This is a 22% increase compared with the equivalent period last year, in contrast to the 14% decline in distress levels suffered by larger firms.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The main problem is the limited access to funding, the risk of over-trading, and increased competition, with the worst performing areas in the consumer-facing industries such as retail, bars and restaurants.”

SMEs now account for 92% of UK businesses facing significant financial distress, compared to the end of Q1 2013, when SMEs represented 89% of all businesses at ‘significant’ risk.

TK continues:
“Larger companies have been able to maintain their access to bank funding and to take full advantage over the economic up turn with measures such as extensive discounting, capacity expansion and increased marketing.

The information gap between the banks and small businesses means that many SMEs are unaware of how to access alternative financing such as peer group lending and venture capital.
“This has to be redressed”

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

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business
 

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