Monday, 17 October 2011

Manchester firms under financial stress

Businesses in the North West are suffering more than most from financial stress according to a quarterly report by Manchester-based insolvency specialist Begbies Traynor.

Business Desk reports this morning that 11,057 firms are now showing "significant" or "critical" signs of financial stress a 12% increase on the second quarter.

The North South divide is also showing up in the figures as in London and the South East, the number of firms indicating signs of financial stress declined by 6% and 3% respectively.

Manchester,says the report has been particularly hard hit as the hotel and accommodation sector is under particular pressure, with a 56% rise in significant problems over the last quarter.

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