FEWER firms are going bust in Yorkshire, a survey revealed today.
The latest Business Insolvency Index from information group Experian showed that 125 firms became insolvent in the region during May compared with 136 for the same month last year.
That gives an insolvency rate of 0.10% of Yorkshire’s total business population against 0.11% last time.
Nationally, the figure fell to 1,755 from 1,841 to give a rate of 0.08% against 0.09% before.
The insolvency rate fell in seven out of 11 UK regions – with Scotland and the North East leading the way.
Smaller firms, which represent the vast majority of UK companies reported the lowest insolvency rates while sectors showing the biggest improvements included construction, hotels and leisure, media and non-food retailing.
Sectors to see an increase included IT, electricals, food manufacturing and food retailing.
Max Firth, managing director of Experian Business Information Services in the UK and Ireland, said: “May’s insolvency figures has shown improvements across many areas of the UK.
“What’s particularly pleasing is that insolvencies among smaller businesses, which are the backbone of the UK economy, are showing a longer-term change for the better whilst building and construction firms can also take heart at the drop off in insolvencies after a particularly difficult period.”