The number of companies filing for administration across the North East and Yorkshire soared by more than a third last year as rising inflation, weaker trade and geopolitical uncertainty piled the pressure on businesses.
Interpath Advisory has analysed notices in The Gazette, which showed that 154 companies across the two regions collapsed into administration in 2022, up from 115 companies in 2021. The rise represents a 34% increase on 2021, though it is still well below pre-pandemic levels, when 211 collapsed in 2018.
The regional figures mirrors the UK picture, in which 1,039 companies fell into administration, up from 710 companies in 2021, but also not back at pre-pandemic levels of 1,422 in 2019 and 1,337 in 2018. James Lumb, managing director and head of Interpath’s team in the North East, said the outlook is uncertain and that he expects to see more administrations as markets tighten.
