North East businesses in distress surge amid ‘debt storm’ worries

The number of North East firms on the brink of collapse jumped by more than a quarter at the end of 2023 as fears grow of a “debt storm” caused by interest rate rises, a report has warned.
The latest Red Flag Alert report from insolvency specialist Begbies Traynor found that 836 companies in the North East were in ‘critical’ distress, a rise of 27.1% since the previous quarter and 12.5% up from a year earlier. Begbies said the figures demonstrate the speed with which severe distress is increasing …