The number of online retailers in the United Kingdom in financial distress has risen over 65% since 2017, to 9,024, according to insolvency firm Begbies Traynor.
United Kingdom etailers going though rough times. The number of online retailer in the United Kingdom in financial distress has risen over 65% over the past three years, to 9,024, according to insolvency firm Begbies Traynor.
Etailers in “significant financial distress” has increased by 1% to 26,930 during the three months to December 19, year-on-year. Fashion retailers facing the same situation has increased by 21% over the past three years, to 3,355 companies.
“The year started with uncertainty for businesses with a decision on a Brexit deal and the nature of the UK’s exit from the European Union set to be determined”, stated Julie Palmer, partner at Begbies Traynor insolvency firm.
Begbies Traynor is a corporate rescue and recovery insolvency firm in the United Kingdom. They provide services for over 70 companies from small businesses and professional advisers to large corporations and financial institutions.