ALMOST 600 companies in Yorkshire became insolvent during the first quarter of 2009, a survey has revealed.
Figures from accountancy firm PricewaterhouseCoopers showed that 595 firms failed during the period – 14% up on the final quarter of 2008 and a massive 67% higher than for the first quarter last year.
Nationally, 5,483 companies became insolvent in the first three months of 2009 – an increase of 14% on the previous quarter and 57% higher than a year ago.
Steve Ellis, a partner with PwC in Yorkshire, said: “Businesses are still suffering from the effects of the global recession as more and more of them enter into insolvency – with no apparent signs of a slowdown in the near future.”
He added: “We are working with businesses across the region – in many sectors and of varying sizes.
“Unfortunately, we still find that many companies are leaving it too late to ask for help.”
Mr Ellis said the worst-hit sectors in the region were construction, business services, retailing, manufacturing and hospitality and leisure. The number of insolvencies was highest in London followed by eastern England and Wales.