Has facilities management cost reductions contributed to fall in insolvencies?
September 27th 17:28 Cost Management
Facilities management cost reductions could be one factor that has helped UK businesses to keep from going insolvent this August.
According to the latest Insolvency Index from Experian, the rate of businesses going under dropped to 0.07 last month, its lowest point since June 2007.
The average financial strength rating for UK firms across all sectors also rose, reaching 81.06 this year compared to 80.79 in August 2009.
Max Firth, managing principal of pH, an Experian company, said: "This month's picture is very different to the one we saw back in March this year when all regions, bar one, saw an increase in insolvencies and the rate was almost double at 0.11 per cent."
Retail companies enjoyed a good month in particular, with insolvencies dropping from 106 to 83 for non-food retailers and from 14 to 13 for food retailers.
It comes despite a recent Bank of England report showing that lending to businesses fell for the fifth successive month in July.
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