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Data published by Begbies Traynor shows that there has been a rise of close to a quarter in the number of Yorkshire businesses that are experiencing financial problems, compared with last summer.

The newest Red Flag Alert from the corporate rescue and recovery firm reveals a 24% rise in the companies across Yorkshire that are classified as being in financial distress, in comparison to the same period of last year. In total, it means that 39,000 companies throughout the region are in that position right now, at the point when the government is planning to end its various COVID-19 support schemes.

This will leave many of those firms looking for an alternative source of help, and accountants in Goole or other parts of the region that are experienced at supporting businesses will be one possible option.

The picture painted by this new Red Flag Alert is not all bleak for the region’s businesses, however, as it also shows that the second quarter of this year has brought a drop of 9% in the number of distressed firms – compared with the first quarter. This is partly due to the easing of restrictions for hospitality firms.

According to Business Up North, Begbies Traynor Yorkshire’s Regional Managing Partner, Julian Pitts, stated that the data did not point to the widespread collapse of businesses that some were expecting. He went on to warn that there were clear danger signs in the figures though, and that the situation could hit crisis point during autumn, when the last support services are ended.

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