Latest research by independent insolvency and restructuring business advisory firm Begbies Traynor has found that there are financial distress signals coming from all sectors of the economy in Northern Ireland.
Businesses Showing Signs Of Financial Difficulty
The data gathered by Begbies Traynor revealed that over 800 businesses across the province were showing the early signs of financial difficulties by the end of September than at the end of the second quarter of 2020 in June. Nearly 1,700 more businesses in Northern Ireland were some type of distress, a 24% increase than on average, and this was affecting 8,565 businesses in the region.
Particular Concerns About Fate Of The High Street
Lawrence O’Hara, who leads Begbies Traynor in Northern Ireland, is quoted as saying in the Belfast Newsletter:
“There are particular concerns about the fate of the high street as leisure and retail businesses approach what should be their busiest time of year, but with much lower than normal lower footfall expected in December and January”, he said.
“While new government grant schemes were announced in early October, there are real fears that, for many businesses, across a myriad of sectors, any funding may come too late to save those that have suffered from closures and disruption.
“In addition to the challenges resulting from the Covid pandemic, businesses are also facing the added uncertainty caused by the increasingly likely possibility that the UK will leave the EU without a trade deal. As ever, seeking professional advice at the earliest opportunity is always the best course of action .”
Seek Professional Advice From WHR Accountants
And who better than to seek professional advice from WHR Accountants. We are available to help any business, small or large, in Northern Ireland with expert assistance in overcoming the difficulties that many are facing right now at the end of 2020.
Please give our offices a call in the first instance on 028 3752 2909 and we will be glad to help you with any financial issues you face.