R3 see company insolvency on the seashore

Published on July 13, 2012 by Crawfords Accounting

R3 – the Association of Business Recovery Professionals – have published figures highlighting the levels of individual and company insolvency currently being seen in Britain’s seaside communities.

With a washout of a summer and continued economic turbulence, many families seem to have skipped their usual holiday completely this year, putting a temporary end to the ‘staycation’ trend seen in previous months.

This has in turn had an adverse effect on people who rely on the usual fair-weather trade that comes into seaside resorts in the warmer months of each year.

In terms of company insolvency, there is a national average of 21.6% of firms who claim to be at risk of going into administration in the coming 12 months.

However, in Torbay, 25.7% of firms are at risk, along with 25.2% in Wansbeck and 24.4% in Penwith.

For individuals, insolvency advice is most likely to be needed in the north-west – specifically Blackpool, which in 2011 saw almost 60 residents per 10,000 enter into individual insolvencies, twice the national average.

With Blackpool also slightly higher than the national average for corporate insolvency, it seems the bright lights of the famous north-west resort are the dazzle on a more dismal truth for many of its residents.


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