The latest data from the Insolvency Service shows that company insolvencies are on the rise.
Across England and Wales, the number of registered company insolvencies in June 2023 was 2,163, 27% higher than in the same month in the previous year (1,698 in June 2022). This was higher than levels seen whilst Government support measures were in place in response to the Covid-19 pandemic and also higher than pre-pandemic levels.
A high proportion of company insolvencies are small businesses, many of whom have had high levels of debt with little or no reserves over recent years. Some have kept going with the help of Covid-19 support measures, but with rising interest rates and inflation, are struggling to repay loans or access finance.
One local casualty has been coach-firm Heyfordain. Who have ceased trading after 76 years citing increased costs along with driver shortages.
Whilst the Insolvency Service does not publish local-level data, Buckinghamshire LEP will be monitoring the situation using a variety of sources and assessing the impact of this trend on the local economy,