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September 21, 2009    

Rate of failed businesses eases, reports Experian

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by Kay Murchie

Credit-checking company, Experian, has reported a decline in the number of UK businesses that fail.

According to a report by the agency, a total of 1,796 firms went insolvent in August, a fall of 23% when compared with the previous month. Experian said it was “encouraged” by the latest figures.

However, while this figure is the lowest level seen to date this year, it is still higher than August 2008, said Experian.

The group found that postal and telecommunications firms experienced the highest level of financial distress, while companies in the north-east of England saw the highest rate of insolvency during the month.

Meanwhile, the group also established that the general financial health of UK businesses improved slightly in August.

Rolf Hickman, managing director of Experian subsidiary PH, comments: “It is too early to tell whether this is an indication of a more positive outlook.”

“One thing is for sure - businesses are distinctly aware of the current environment and the need to be cautious in any business dealings,” he concluded.

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