Manufacturing insolvencies slow
The number of UK manufacturing companies going to the wall continues to be high, remaining in second place only to those in the construction sector. The latest insolvency figures from top four business advisory firm PwC show that manufacturing has suffered 3,465 insolvencies since April 2011.
However, the figures reveal that numbers did see a fall in the last quarter.
In the first quarter of 2013 there were 12% fewer insolvencies in manufacturing than the previous quarter, 388 compared to 444 for Q4 2012.The regions most affected in the last three months include the West of England and the South.
Of the 3,465 manufacturing sector insolvencies since Q2 2011, 958 were industrial manufacturing firms with the rest including automotive, aerospace & defence, chemicals, metals, transport and logistics and consumer goods manufacturers.
Philip Hines, PwC deals & industrial products partner, said: "The reduction in manufacturing insolvencies is encouraging but with rising raw material costs and no imminent signs of a material economic recovery, the outlook remains tough for those companies already experiencing financial stress."
