Almost 17,000 Welsh businesses have reported trading in significant financial distress. According to the latest Red Flag Alert research from insolvency firm Begbies Traynor the number of firms struggling over the second quarter of this year held steady at 16,818 - although this was 13% lower than the same period in 2021.
There were increases in levels of ‘significant’ financial distress in the two largest cities in South Wales and certain sectors. Swansea saw a 2% quarterly rise with the construction sector registering a 10% increase. In Cardiff financial distress among retailers and bars and restaurants was up by 4%.
For Wales as a whole the industrial sector experienced the biggest quarterly increase with the number of companies in difficulty up by 6%. This was followed by bars and restaurants, which were up by 2%.
