Business News Round Up (25/01/2024)
Scottish corporate insolvencies on the rise
The number of Scottish corporate insolvencies rose by 7.4% from 272 in the third quarter of 2022 to 292 in the same period last year. The latest Accountancy in Bankruptcy figures also showed corporate insolvencies were up by 29.2%, when compared to pre-pandemic levels in 2019 (226). The data revealed that there were 842 applications for moratoria granted in the third quarter of 2023 – up 7.3% year-on-year. There were 2,014 personal insolvencies – bankruptcies and protected trust deeds – in the third quarter – up 2% compared with the same period in 2022. Under the Debt Arrangement Scheme, there were 1,481 Debt Payment Programmes approved in the third quarter – up 13.1% when compared to the same period in 2022.
https://www.insider.co.uk/news/scottish-corporate-insolvencies-rise-31954243
Made Smarter drives £22m tech investment among North West SME manufacturers
SME manufacturers have invested £22m in technology, backed by Made Smarter’s ‘trailblazing’ adoption programme in the North West. 300 businesses have now secured £6.5m matched funding from the government-funded, industry-backed initiative, adopting technologies as diverse as sensors, robotics, 3D printing and artificial intelligence (AI). These 350 technology projects, supported by £16m private sector investment over the last five years, are forecasting the creation of almost 1,600 new jobs and over 2,850 upskilled roles, and are set to add £242m to the economy over the next three years. Among the latest wave of businesses starting their journey with Made Smarter to benefit their bottom line and the environment are food and drink manufacturers: Harbourside Products, Northern Pasta Company, Brightside Brewing Company, Just Bee Honey, Studio Bakery and Chandley Ovens.
Thousands of high-growth UK companies in ‘financial ill health’
Tens of thousands of UK companies are showing “distinct early signs of financial ill health” despite being predicted to grow by 20 per cent over the next year, according to a new report. Data released in the first-ever Growth Flag Annual Report shows that 13.1 per cent of businesses are likely or very likely to grow by a fifth in the following 12 months. However, more than 66,000 of those have been identified as at risk. Developed by The Growth Company and Red Flag Alert, the report also states that while high-growth firms can be found in every postcode and industrial sector, that potential is not evenly spread across the economy. Higher levels can be seen in the devolved administrations of Scotland, Wales and Northern Ireland and there are varied levels within and between combined authorities.
New programme seeks to support Scots scale-ups
Year-long programme designed to help high-growth scale-up businesses grow their international presence. London & Partners has announced the launch of the Grow Global programme in two new regions outside of London – the West Midlands and Scotland. The year-long programme is designed to help scale-up businesses in these regions grow their international presence and achieve their full potential in the global market. Scottish-based companies joining the cohort include allergen tech firm Libereat and property management specialists Pillow Partners. The Grow Global programme, previously called the Mayor’s International Business Programme, offers a range of dedicated services including international trade missions, workshops, events, and connections to key partners. These include government funding specialists GrantTree, Microsoft for Startups Founders Hub, professional services firm Oury Clark, global law firm Taylor Wessing, as well as US law firm Wilson Sonsini – enabling the cohort of companies to build their networks and access new growth opportunities.
https://www.digit.fyi/new-programme-seeks-to-support-scots-scale-ups/