More than 1,100 insolvency-related activities were recorded in the North West region in Q1 2024, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows there were 1,123 cases of insolvency-related activity in the North West in Q1 – 303 in January, 422 in February and 398 in March.

Insolvency-related activity in the region rose 4.7% when compared to the same period in 2023, when 1,073 activities were recorded.

Fran Henshaw, Chair of R3 in the North West, says:

“What we are seeing in the North West mirrors the rise in insolvencies we’ve seen across England and Wales, and highlights the effect that continued economic turbulence is having on businesses.

“More and more directors are now turning to insolvency processes to resolve their financial issues in the face of high costs, persistently high interest rates, and low consumer confidence.”

The North West figure for insolvency-related activity, which includes liquidator appointments, administrator appointments and creditors’ meetings, was the highest total in Q1 outside of Greater London (1,577), followed by East Anglia (921), Yorkshire and the Humberside (741) and the West Midlands (664).

Fran, who is Head of Corporate Recovery and Insolvency at Beever and Struthers, continues:

“The best step that anyone who’s worried about their business can take is to be aware of the signs of financial distress and to seek advice from a qualified professional as soon as these signs first arise.

“It can be really hard to talk about your concerns about your business, but doing so while the problem is at an early stage gives you more options to resolve it and more time to take a decision about your next step.”

For more member news, click here.