According to insolvency experts at Begbies Traynor, the number of UK businesses facing critical financial distress has surged to a record high of 46,583 companies. This represents a 3.5% increase from the previous quarter and brings the total number of businesses in significant financial distress to 654,765.
Ric Traynor, Executive Chairman of Begbies Traynor, highlighted the challenges faced by distressed UK businesses as they kick off 2025. Neil Bellamy, Consumer Insights Director at GfK, pointed out that consumer confidence in the UK's economic outlook is waning, with negative expectations for the future.