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UK retailers experience 25 percent rise in "critical" financial distress in Q4 2024
(MENAFN) The number of UK retailers experiencing "critical" financial distress surged by more than 25 percent in the final quarter of 2024, according to a new report from Begbies Traynor, the UK’s largest insolvency firm.
The findings highlight the growing pressures on the retail sector, as businesses struggle with low consumer confidence, increasing costs, and difficult trading conditions.
In the first 11 weeks of the October-December period, 2,124 retailers were identified as being in "critical financial distress," a significant rise from the 1,696 distressed retailers in the previous quarter (July-September).
Although slightly lower than the 2,142 cases recorded in the same period in 2023, the numbers still reflect ongoing challenges for the sector.
Julie Palmer, a partner at Begbies Traynor, attributes the rise in financial troubles to a range of factors, including escalating operational costs and weakened consumer spending power.
"The disappointing retail sales performance in November, a key month for the industry, further highlights the tough trading environment," Palmer explained.
The findings highlight the growing pressures on the retail sector, as businesses struggle with low consumer confidence, increasing costs, and difficult trading conditions.
In the first 11 weeks of the October-December period, 2,124 retailers were identified as being in "critical financial distress," a significant rise from the 1,696 distressed retailers in the previous quarter (July-September).
Although slightly lower than the 2,142 cases recorded in the same period in 2023, the numbers still reflect ongoing challenges for the sector.
Julie Palmer, a partner at Begbies Traynor, attributes the rise in financial troubles to a range of factors, including escalating operational costs and weakened consumer spending power.
"The disappointing retail sales performance in November, a key month for the industry, further highlights the tough trading environment," Palmer explained.
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