Business News Round Up (21/01/2025)
December insolvencies down by a quarter year-on-year
In December, there were 82 company insolvencies registered in Scotland; 24% lower year-on-year. This total was comprised of 52 creditors’ voluntary liquidations, 27 compulsory liquidations and three administrations, according to the latest official statistics from Scotland’s insolvency service Accountant in Bankruptcy. The annual number of insolvencies in Scotland in 2024 was almost exactly the same as in 2023, at 1,236 compared to 1,234. Between 26 June 2020 and 31 December 2024, there were three restructuring plans in Scotland, but there were no moratoriums. The total insolvency rate in Scotland in 2024 was 51.9 per 10,000 companies on the effective register. This was down by 1.8 from 2023.
https://www.insider.co.uk/news/december-insolvencies-down-quarter-year-34520797
Overdue invoices in the North West top 6.8 million in 2024, new R3 research shows
North West businesses had over 6.8 million overdue invoices on their books in 2024, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that businesses in the North West recorded a total of 6,879,584 overdue invoices last year. This was the third highest yearly total, falling only behind Greater London (10,530,122 overdue invoices) and the West Midlands (8,424,904 overdue invoices). The total number of overdue invoices in 2024 rose by 4.2% when compared to 2023’s total of 6,601,976 overdue invoices. October saw the highest volume of overdue invoices, with a total of 609,193 recorded during the month. The number of North West companies with overdue invoices on their books reached 670,016 in 2024. This is a 3.4% increase from 2023, when 647,884 firms recorded overdue invoices on their books.
CEOs rank UK second favourite for investment
The UK has been ranked the second most favoured location for investment in a survey of global chief executives. Consultancy firm PwC say it is the highest position the UK has achieved in the 28-year history of the survey. It revealed that 14% of those surveyed named Britain as their preferred destination for capital expenditure., well behind the United States – cited by 30% of chief executives – but above Germany (12%), followed by China (9%) and India (7%). The findings have been welcomed by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds as they arrive in Davos for the World Economic Forum. They will highlight the UK’s political and economic stability, despite concerns being expressed by business leaders at home that the government’s tax rises are anti-business.
North West industrial and logistics market returns to growth
The North West industrial and logistics market saw a return to growth in 2024 with occupier take up reaching 4.8 million sq ft, marking a 7.5% increase on 2023 and surpassing the five-year pre-pandemic average according to the latest data from Knight Frank. The North West Logic report also reported a strong and varied occupier base with a notable increase from manufacturers with a 71% year-on-year increase in the sector. Retail and distribution sectors continue to play a major role across the region, accounting for 26% and 28% of take-up, respectively. Prime rents hit £11.50 per sq ft with a significant annual growth of 15% reflecting the ongoing demand for high quality units. The outlook for this year is equally strong with prime rents forecast to rise by 4.5% across the North West and 5.7% in Manchester, underlining the region’s strong market fundamentals.