New research from British insolvency firm Begbies Traynor revealed that 484,000 U.K. businesses are in 'significant financial distress,' which is 14% of all the economically active firms in the country.
The property sector took the hardest hit, with 48,182 firms deemed to be in "significant financial distress" in the first quarter of 2019, a 13% year-on-year increase.
The "Red Flag Alert" data also showed that the number of firms in "critical" distress, often a precursor to formal insolvency, rose by 17% year-on-year in the first quarter of 2019, prompting concerns that the U.K. could suffer a broader economic slowdown. Construction, often portrayed as the bellwether of the British economy, saw a 10% year-on-year rise in significantly distressed businesses, while financial services had 12,728 businesses affected, a 5% increase from the same period last year.
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