Insolvency-related activity across Oxfordshire and the wider South East increased by 10% in September, according to new figures from R3, the UK’s restructuring, turnaround and insolvency trade body.
R3’s analysis of Creditsafe data showed that insolvency-related activities – including administrator and liquidator appointments and creditors’ meetings – rose from 170 in August to 187 in September. The latest total is also 8.1% higher than in the same month last year.
The South East recorded the sixth-highest level of insolvency-related activity in the UK, behind Greater London (392), the North West (350), East Anglia (271), the West Midlands (237), and Yorkshire & Humberside (192). Unlike much of the country, where eight regions reported declines, the South East saw an increase, alongside Wales, Northern Ireland, and Scotland.
Neil Stewart, chairman of R3’s Southern and Thames Valley region, said the figures reflected continuing economic uncertainty.
“While a 10% increase appears significant, it follows an 8.1% decline in August, so it is difficult to draw any firm conclusions,” he said.
“I suspect that many business leaders will not be making any major decisions before the autumn budget on November 26. There is a hope that the Chancellor will introduce measures that encourage investment, recruitment and expansion rather than make changes to business taxation which could dampen confidence.”
Stewart added that persistent challenges such as high energy and materials costs, subdued consumer demand and creditor pressure are still straining businesses, while borrowing costs remain slow to fall.
R3’s Southern & Thames Valley region covers Kent, Surrey, Sussex, Buckinghamshire, Oxfordshire, Hampshire, the Isle of Wight, Dorset, Wiltshire and Berkshire. Stewart, who is a regional associate director at Manolete Partners Plc, urged businesses to act early if facing financial difficulties.
“Our message to businesses remains the same: seek advice from a regulated professional at the first signs of financial distress,” he said. “Taking action early gives you more options and more time to make a considered decision about the best way forward.”
Meanwhile, Creditsafe data shows late invoice numbers in the South East fell slightly, while business start-ups rose from 5,657 in August to 6,406 in September – 15.8% higher than a year earlier.
