Insolvency-related activity levels drop in Yorkshire for first time in 12 months

New research from the UK’s restructuring trade body R3 shows that in January 2023 a smaller number of businesses in Yorkshire and the Humber experienced insolvency-related activity than at any time in the last 12 months.
Michael Crossland
By Michael Crossland
Published 21st Feb 2023, 15:45 BST
Updated 21st Feb 2023, 15:49 BST

R3’s research for last month, which is based on an analysis of data provided by CreditSafe, shows that there were just 207 businesses in Yorkshire and the Humber experiencing insolvency-related activities, the least since January 2022 when there were 150 business. The figures for January 2023 also reveal a 20 per cent fall since December 2022, when there were 259 businesses in the region in this situation.

Eleanor Temple, chair of R3 in Yorkshire and a barrister at Kings Chambers in Leeds, said: “After ending the year amid the gathering storm clouds of spiralling inflation, exacerbated by legacy Covid debt and falling consumer demand, the figures for January are less alarming than many had feared, but perhaps mask some of the strain businesses are feeling, both here and across the UK.

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“While it is certainly reassuring to see that levels of insolvency-related activity appear to be steadying as we head into 2023, given global economic uncertainty in the face of the continuing conflict in Ukraine, directors would be well advised to proceed with caution and assume that the worst is not yet over."

R3’s research for last month shows that there were just 207 businesses in Yorkshire and the Humber experiencing insolvency-related activities, the least since January 2022 when there were 150 business.R3’s research for last month shows that there were just 207 businesses in Yorkshire and the Humber experiencing insolvency-related activities, the least since January 2022 when there were 150 business.
R3’s research for last month shows that there were just 207 businesses in Yorkshire and the Humber experiencing insolvency-related activities, the least since January 2022 when there were 150 business.

A month-on-month drop in insolvency-related activities (which includes liquidator and administrator appointments and creditors’ meetings) was reflected across all eight regions and nations.

R3’s analysis showed there was once again an increase in the number of business start-ups in Yorkshire and the Humber in January, rising from 3,295 to 4,414 last month. The region also saw a slight fall in the number of businesses which had been unable to meet their payments on time.

Related topics:YorkshireHumberLeedsUkraine