Government statistics show that the number of registered company insolvencies in June 2022 was 40% higher than in the same month in June 2021), and 15% higher than the number registered three years previously (pre-pandemic).
Whilst the numbers for other types of company insolvencies, such as compulsory liquidations, may have levelled off, business owners still have a lot to think about during these turbulent times – price inflation and the rise in energy prices being just two factors which may be a worry to many businesses locally and across the UK.
Alongside this there is a global supply chain disruption to consider, which is putting stress on businesses both financially and on delivery of their goods or services.
The current supply chain situation is either causing a delay in materials, goods or services being delivered on time, meaning lead times to customers are suffering or businesses are having to take the risk of ordering materials at a much greater level in advance, which has an impact to cashflow.
Many businesses are also facing issues with staffing, salary rates increasing and a shortage of workers, which can also cause a delay in goods or services, and again impacts that very important cashflow.
Some individuals who were struggling to make ends meet prior to the current cost-of-living crisis are now finding themselves turning to alternative, more expensive ways to raise money. For example, payday loans, which in the short term solve an immediate problem but does not solve the individual’s personal financial situation in the long term and could potentially make matters worse.
If your business is struggling with either personal or company debt it helps to speak to someone who understands. Local St Helens Business, Lines Henry, are a specialist recovery and insolvency expert who can advise you on the best course of action and get businesses on the road to recovery much quicker.
Insolvency and recovery experts like Lines Henry can help your business in a number of ways, and have a wealth of experience, giving them the expertise to help in these difficult times.
Lisa McAlister of Lines Henry said “All initial consultations are free and confidential. We do not enter into any discussions with any preconceptions of what the solution is and tailor our advice to each individuals/business circumstances”.
All initial consultations are free of charge and completely confidential, so if you are facing difficulty help is available. To find out more visit www.lineshenry.co.uk or call on 0800 012 6649.
St Helens Chamber’s Business Support team may also be able to assist with accessing funding and other support, so please contact businesssupport@sthelenschamber.com for more information.
