Begbies Traynor's Red Flag Alert research revealed that over half a million businesses in Britain are under significant financial distress, marking a 30% increase since last year, with 40,174 businesses in critical distress.
Julie Palmer, Partner at Begbies Traynor, highlighted the ongoing struggles faced by UK businesses due to pandemic-induced debt, emphasizing concerns in consumer-facing sectors and predicting a rise in insolvencies as consumer confidence remains uncertain.
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