The UK manufacturing sector saw 1,676 company closures in 2016, compared to 1,793 in 2015. The sector’s insolvency count has consistently declined over the previous 4 years, indicating a recovery from the bad reputation that lingered around it during the recession. As company closures rose 24% as a whole across the UK, it is very positive that manufacturing companies are managing to stay afloat.
The sector with the most insolvencies was admin and support services, with more than 3 times the amount of manufacturing it saw 5,392 company closures last year. The sector with the least company closures was the public administration sector, with only 17 companies becoming insolvent.
Manufacturing had 4,812 CCJs issued to them last year with an average value of £4,435. The amount of CCJs issued rose by 5% from 2015 to 2016, however the average value of a CCJ dropped 1%. More CCJs were being issued, but at a lower value than 2015.
Source: Creditsafe UK. To read the full report click on this link