Recent research suggests that as many as a third of retailers in the UK could be at risk of insolvency in the coming year. This compares with a risk of insolvency of only 25 per cent for other UK businesses.
The research also indicates that about 31 per cent of retailers in the UK are more at risk of having to embark on an insolvency procedure in the next year, having experienced a tougher time than other sectors in the past few years.
However, the research also proposes that insolvency is not always the end of the line for a retailer. It can often be an opportunity to take a step back and restructure the business – many retailers have recovered from administration and gone on to become very profitable.
On matters of insolvency, it is always advisable to seek professional help and guidance. At Palmers, we have many years’ experience and can provide your clients and their businesses with a range of appropriate solutions to ensure the best possible outcomes. For further information, please contact Andrew Skinner.