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Insolvencies highest in the North East

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Office workers will be interested to know that the rate of insolvencies is highest in the North East of England, compared to the rest of the country.

Results from research carried out by Experian showed that despite the region’s failure rate dropping from 0.15 per cent to 1.13 per cent it is still the worst affected.

This shows that small businesses are growing in the North East, but the rate of insolvencies is on the rise countrywide.

Of the small businesses worst affected are the very small businesses employing only one or two people with the rate rising from 0.08 percent in September 2010 to 0.09 per cent in September 2011.

Small businesses in the North East are being offered boot camps in a £2 million project organised by the European Regional Development Fund and North East Enterprise Agencies Ltd in order to help their rate of expansion.

James Ramsbotham, of the North East Chamber of Commerce, said: “Our small businesses need better access to finance – often skewed to the South East – and concerns have been raised about the cost of lending and the inability of local banks to make decisions.”