North East haulage sector revealed to be transports most financially secure in UK

Published: 15 July 2015

North East haulage sector revealed to be transports most financially secure in UK
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New regional figures released by insolvency trade body R3 have shown that in the first half of 2015, North East companies across key sectors facing high risk of insolvency has dropped 15%.
 
At the mid-way point of the year, the North East’s transport and haulage sector has been ranked as the most financially secure of its peers anywhere in the UK.
 
Using research collected from Bureau van Dijk;s ‘Fame’ database of company information, R3 compile a monthly overview of the proportion of businesses in key regional industries that have a heightened risk of entering insolvency in the next 12 months.
 
The Technology and IT Sector in the North East has seen its proportion at heightened risk drop over the same period by 8%, while the region’s key manufacturing sector has recorded a five per cent drop in that time.
 
On a less positive note for the North East, the construction sector is currently only faring better than its peers in Northern Ireland in terms of heightened insolvency risk, while its professional services sector also ranks 11th out of 12, ahead of only London. But both sectors have still seen falls over the first half of the year in the proportion of businesses with a raised risk of insolvency, of 1% and 7% respectively.
 
Restaurants and Hotels are the only regional sectors not to register improvements in their stability so far this year.
 
Chair of R3 in the North East Allan Kelly, also a restructuring partner with Baker Tilly North East, says: "The general sentiment across the regional business community in the first half of the year is undoubtedly as positive as we’ve seen for a very long time, and the findings of our research show how this is being borne out in companies’ everyday operations.
 
"The confidence that this gives owners and managers across the regional business community helps to create a virtuous circle. Businesses can plan for the future with a greater degree of certainty about their financial security, and may be in a position to invest or expand rather than just doing their best to hang on.
 
"The enhanced stability in the North East manufacturing sector, which is still absolutely crucial to our region’s economic success, will be very warmly welcomed, as would further similar progress in the second half of 2015.”
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