Finances warning

North East business owners with concerns about their firms’ finances situations are being urged to to seek advice immediately.

The warning comes from a North East insolvency expert after the first month-on-month rise In companies going bust for almost a year.

The number of corporate insolvencies nationallyincreased by 37.8%– from 891 in November to 1,228 last month, and was 9.2% higher than for December 2019’s figure of 1,125.

Alexandra Withers, North East chair of insolvency and restructuring trade body R 3, says business owners who are becoming concerned about their company finances should seek qualified advice as early as they can.

Ms Wit hers said :" It’ s too early to judge the impact of the latest lockdown on North East businesses, but it complicates an already muddy economic picture.”