Administrations rise 10%

The number of businesses falling into administration has risen by 10% to 2,320 companies during the first nine months of 2009 compared to the same period in 2008, according to data released by business advisory firm Deloitte.

Administrations in the wholesale and distribution sector were hit the hardest, experiencing an increase in business failures of 38% in the first nine months of 2009 compared to the same period in 2008.

However, the figures suggest a slow down in the pace of companies going into administration, with a 6% fall in the number ceasing to trade in the third quarter of the year compared with the second.

“In spite of talk of economic recovery, it is evident that the situation is far from rosy. These administration figures highlight what businesses are experiencing right here and now,” said Lee Manning of Deloitte.

Subscribe to news feed

bdaily tv

Sign up for the bdaily bulletin

Join 5560 other business people in the region and sign up to the free bdaily bulletin.

Upcoming events

More from the Commerce and Finance sector

October 2009

  1. 2008
  2. Jan
  3. Feb
  4. Mar
  5. Apr
  6. May
  7. Jun
  8. Jul
  9. Aug
  10. Sep
  11. Oct
  12. Nov
  13. Dec
  1. 19.Oct.09

    Rock to cut rates

    Newcastle-based Northern Rock has become the latest lender to announce it is cutting its mortgage rates as competition slowly returns to the market.The nationalised bank said it is slashing up…

  2. 19.Oct.09

    Administrations rise 10%

    The number of businesses falling into administration has risen by 10% to 2,320 companies during the first nine months of 2009 compared to the same period in 2008, according to…

  3. 16.Oct.09

    Boardroom pay drops 10% in recession

    UK PLCs have squeezed senior executive pay and benefits in response to the recession, contrary to recent reports, new figures from global management consultancy Hay Group reveal.Hay Group’s Executive Compensation…

  4. 16.Oct.09

    North East workers don’t believe in pensions

    Nearly three quarters (79%) of people in the North East do not believe that pensions are a reliable way of saving for their retirement, according to research commissioned by PricewaterhouseCoopers.The…

  5. 14.Oct.09

    Survey raises recession doubts

    A survey of more than 5,500 firms has cast doubt on whether the UK emerged from recession between July and September.The British Chambers of Commerce (BCC) said business confidence was…

  6. 13.Oct.09

    Small firms ‘still suffering’

    Small firms are still suffering from the effects of the recession, with few signs that the economic downturn had lifted for them, according to new research released this week.A study…

  7. 12.Oct.09

    YouGov suffers recession slide

    Polling and research firm YouGov today reported its first profits fall in eight years as the firm felt the brunt of recession.The company – known mainly for its political polling…

  8. 12.Oct.09

    Interest rates ‘will remain low’

    Interest rates will stay at rock bottom in the years to come as the Government tackles the UK’s wounded economy, a report out today has predicted.The cost of borrowing is…

  9. 9.Oct.09

    Council unable to collect debts

    Civic chiefs in Hartlepool are to write off business rates debt worth more than £360,000 after it was said to be “irrecoverable”.Finance officers at Hartlepool Borough Council say they make…

  10. 9.Oct.09

    Interest rates remain at 0.5%

    Interest rates have been held at 0.5% by the Bank of England for the seventh successive month.The Bank’s Monetary Policy Committee (MPC) also did not extend its programme of quantitative…

  11. 6.Oct.09

    Tories plan rise in pension age

    Shadow chancellor George Osborne has outlined plans to raise the state retirement age to 66 by 2016.If elected, the Conservatives aim to look at raising the pension age for men…

  12. 6.Oct.09

    Banks ‘failing to support innovation’

    The UK’s financial system is failing to support the most innovative manufacturing companies, according to a recent survey conducted by UK manufacturers.The EEF’s Innovation Monitor, Creating the Playing Field, shows…

  13. 5.Oct.09

    “Earnings shock” for UK supermarkets

    The UK’s leading supermarkets could be in for an earnings shock due to falling food prices, a leading City firm has warned.Issuing sell recommendations on Tesco, Morrisons and Sainsbury’s, Citigroup…

  14. 5.Oct.09

    First growth in financial services for two years  

    After almost two years of falling business volumes financial services firms are now showing the first signs of recovery, according to a new survey.Business volumes across the sector grew for…

  15. 2.Oct.09

    Wine Cellar goes into administration

    A Northern off licence company went into administration this week with the loss of 320 jobs.Wine Cellar Limited operates 170 off licence and convenience stores, predominantly in the North East…

Comments 0

Have your say