Busi­nesses at risk

The Weekend Post - - Business -

MORE than 150 Cairns busi­nesses are at a “high-risk” of in­sol­vency, ac­cord­ing to a re­port by ac­count­ing firm SV Part­ners. The re­port found 34 ac­com­mo­da­tion and food ser­vice busi­nesses and 23 re­tail busi­nesses were at high risk of fi­nan­cial fail­ure over the next 12 months. “While lo­cal re­tail­ers aren’t deal­ing with the same rent pres­sures as their metropoli­tan coun­ter­parts, wages are still a sig­nif­i­cant cost,” said SV Part­ners ex­ec­u­tive di­rec­tor David Stimp­son. “Weak wages growth is also putting pres­sure on lo­cals’ dis­cre­tionary spend­ing.”

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