THE number of companies experiencing critical financial problems is rising, according to corporate rescue and recovery business Begbies Traynor.
More than 7,600 companies were on the verge of formal insolvency between April and June - an increase of 17 per cent on last year.
The number of firms with significant, but not yet critical, difficulties increased more modestly, by 1.5 per cent, from 84,850 to 86,154.
The data is sourced from Red Flag A!ert, an early warning monitoring system that identifies troubled companies, owned by Leeds-based Begbies Traynor
Senior partner Mike Saville said: "Our advice to businesses that are experiencing financial difficulties is to address realities now not later, because if swift action is taken early, many firms can be returned to sound financial health."
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