Hampshire insolvency trade body urges firms to take action when facing financial distress as less start-ups recorded

R3, the insolvency and restructuring trade body, urged directors and owners of Hampshire companies to act promptly to tackle any issues. The call follows an analysis of new data supplied by business intelligence provider Creditsafe.

NOW READ: Independent traders in Portsmouth share concerns for 2023 as cost of living continues to hit home

Figures show there were 235 counts of insolvency related activity in December 2022 in the South East. This is down from 245 in December 2021.

Overall, the amount of insolvency related activity hit a total of 2,540 in the region throughout last year, with an average of 212 cases a month. The region saw 3,898 businesses start up in December 2022 – down from 5,537 in November 2022 and 4,252 in December 2021 (a decrease of 30 per cent and eight per cent respectively).

Overall, there were 66,508 start-ups registered in 2023, an average of 5,542 per month.

Garry Lee, chair of R3’s Southern and Thames Valley region, including Hampshire, said: ‘The latest figures should represent a call to action for any business owner or director with concerns at the back of their mind.

SEE ALSO: Waterlooville businesswoman launches the opening of her newest venture in Petersfield

‘Although insolvency related activity in December was down very slightly compared to December 2021 in the South East, it was still the third highest monthly total in 2022 after November and March.

‘As January gets underway, the stark reality of financial problems will loom large for those who may have buried their head in the sand. There is no time to lose if there are issues to address or if signs of financial distress begin to appear.’