Corporate insolvency ‘on track to be worse than 2012’

Published on September 6, 2013 by Crawfords Accounting

The current year could prove to be even ‘worse’ for corporate insolvency than 2012, according to data from the Centre for Retail Research.

In its regularly updated Who’s Gone Bust? report, the organisation tracks the total number of corporate insolvencies for the year so far, along with the approximate number of employees affected.

So far in 2013, 39 companies have failed – which is already more than the full-year total for 2009, 2010 or 2011.

More than 21,000 employees have been affected, at more than 2,000 stores throughout the UK retail sector.

Only 2008 – when the recession really started to set in – and 2012, which saw several high-profile retail chains collapse, have been worse for the sector in recent years, and each saw 54 companies fail.

But the rate of corporate insolvency so far in 2013 would seem to indicate a likely year-end total of close to 60 failures.

The Centre for Retail Research explains that its figures typically incorporate medium to large businesses only, and when a company is rescued or taken over, a decision is made as to whether that constitutes an example of corporate recovery – and so is omitted from the data – or is effectively equivalent to collapse, in which case the figures are still taken into account.

We have received an excellent service from the team at RPG for well over 20 years. We particularly appreciate RPG's real interest in our company and suggestions for improvements. The service RPG provides goes well beyond what we could expect.  The attention to detail and the prompt, professional service the team provides means that we are reassured that should we require urgent or unusual advice, the team will provide it. We would have no hesitation in recommending RPG.

Margaret Peasegood

Executive Chairman - SheffProp

I would like to thank RPG for your unbelievable help, assistance and friendship for over 40 years. Nothing has ever been too much trouble. Words alone are insufficient, and I think that the same would apply to my former colleagues and my family who have also come to rely on your advice and guidance.

Neville Johnson

Founder - Neville Johnson Offices

We have worked with RPG for many years, for good reason. They are not only extremely knowledge but they really take the time to get to know you as customers and also as people. This really makes a difference, as whilst it is of course important that you receive great service, which we do, it’s also essential to work with professionals who you can really trust and who go out of their way to know your business as well as you do, giving ultimate comfort that you are all striving towards the same goals. I cannot recommend them highly enough.

Jennie Johnson MBE

Kids Allowed

“RPG have always been our first point of call for advice on accounting, tax and financial regulatory matters and indeed have become an additional sounding board for both myself and my colleagues on strategic matters. The consistently high quality and timely advice they provide is very important to us.”

Gareth Rowe

Chief Financial Officer - ProofID

“As a family business we have been using Royce Peeling Green as our accountants for over 25 years. We have always been impressed with their expertise and depth of knowledge in all financial areas required to help run our business. There is an obvious understanding and trust between the two companies which leads to proactive approach to guide us with short and long-term financial planning. We have found everyone at Royce Peeling Green to be very approachable providing us with the reassurance that they will always provide a professional response in a timely manner.”

David Harrabin

Managing Director - Manchester Slate Ltd

RPG have now acted for our various companies for over 15 years. Their advice and commercial attitude in dealing with Tax, Audit and general businesses matters has always been of high quality and queries dealt with promptly. The team at RPG are experts in their field, they understand the SME market place well. They have been involved in all our corporate transactions, from setting up of businesses, ongoing support of our management teams through to being part of the team that negotiated the successful sale of a group company.

Jonathan Hamburger

Genesis Group International

We have received a first rate service from RPG over many years. We appreciate their attention to detail and the timely, professional and pro-active advice they provide. We would have no hesitation in recommending the team at RPG.

Stephen Rector

Managing Director – Ribble Packaging Limited