Warning that thousands of firms face collapse – BBC

There are growing fears that 2023 could see a wave of company collapses as the cost of living crisis continues.

The number of firms on the brink of going bust jumped by more than a third at the end of last year, said insolvency firm Begbies Traynor.

It expects this number to rise due to higher costs, firms repaying Covid loans and consumers cutting back.

Paul Jones, co-founder of brewery Cloudwater Brew, said the pressure felt like a “never-ending nightmare”.

Julie Palmer, partner at Begbies Traynor, said it was receiving an increasing number of calls from businesses owners like Mr Jones who were concerned over whether they could carry on.