NEWS21 December 2009

Business services sector sees highest closures in November

Financials UK

UK— The business services sector has once again seen the highest amount of insolvencies according to Experian’s latest monthly Insolvency Index.

A total of 362 firms in the sector, which includes market research and polling agencies, ad agencies, data services companies and software suppliers, closed during November.

Despite seeing the highest number of failures, the percentage of companies closing their doors in the business sector was only 0.07% – well behind the 0.21% seen in the chemicals and textiles industries.

Overall, Experian said the total number of businesses that failed during the month was down from 0.11% in November 2008 to 0.9% in November this year.

Rolf Hickman, managing director of Experian-owned pH, said: “The last four months have seen a fairly low and stable rate of insolvencies compared to 2008, and certainly compared to the heights reached in the last recession in 1992. In fact the overall picture shows a very gentle decline in insolvencies throughout the year.”