More than 3,000 Shropshire businesses in 'financial distress', report says

Businesses most affected are in the industrial sector.

More than 3,000 businesses in Shropshire are struggling in "significant financial distress" with directors unsure if they can carry on, according to a new report.According to figures from Begbies Traynor’s ‘Red Flag Alert’, which monitors the financial health of British companies, the number of ailing firms in the county reached 3,165 in the fourth quarter of 2022, from October to December.

Mark Malone, partner at Begbies Traynor in Shropshire, said: “We came into 2022 hopeful that the pandemic was behind us, and better times were ahead, only for Russia’s invasion of Ukraine to unsettle the global economy. “Many of the companies captured by the Red Flag Alert are SMEs without the financial firepower larger enterprises have to fall back on.

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