A rise in the number of companies going bust in the UK proved good news for insolvency expert Begbies Traynor in recent months as it started hiring more staff to keep on top of what it thinks will be a growing trend.
The company warned that its insolvency division will continue to get more business in the months to follow good news for the business, but bad news for thousands of small firms across the country.
Begbies said the number of businesses going insolvent in the UK increased by a little over 17% to 24,326 in the year to the end of September.
Most of these companies were small firms that went into liquidation, but the number of administrations, which tend to involve larger companies, also increased to close to pre-pandemic level…
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