The latest Begbies Traynor “Red Flag Alert” research reports that the number of companies in the UK facing ‘significant’ financial distress has increased by 5.1% in Q3 2024 to 632,756 businesses – 32.3% higher than Q3 2023 (478,176). According to Begbies Traynor, the increase was driven by noticeable increases in distress in the Utilities (+19.3%), Food & Drug Retailers (+10.4%), Financial Services (+9.94%) and Bars & Restaurants (+8.7%) sectors. Overall, twenty-one of the twenty-two sectors monitored by Red Flag Alert reported that the level of ‘significant’ financial distress had increased in Q3 2024 compared to the prior quarter. To read Begbies Traynor’s news release, go to https://www.begbies-traynorgroup.com/news/business-health-statistics/red-flag-alert-report-q3-uncertain-outlook-for-the-uk-economy-pushes-a-record-number-of-businesses-into-significant-financial-distress.