| The UK plastics and rubber industry is not faring as badly as other sectors in the economic downturn, latest business insolvency figures have revealed.
Only 28 businesses failed in the third quarter of 2008, compared to 26 during the same period in 2007, according to data by global information services Experian.
Altogether 96 plastics and rubber businesses went under in the first nine months of 2008, nine less than in the same period last year.
Yet, the study of 34 sectors shows there has been a total of 16,591 UK business failures so far this year – a leap of 22% on the same period in 2007.
Key sectors affected include business services with 1,284 insolvencies in quarter three 2008, up by 22.3%, taking the annual total for the sector to more than 3,550 failures. Building and construction saw 537 failures over the quarter, a rise of 22.9% with a year to date total of 1,564 failures.
Tom Pullen, md of Experian’s business information division, said: “Given the difficult trading conditions and rise in insolvencies, it is important that businesses take the right steps to safeguard the supply of their goods and services.
“The best approach is to continually monitor customers’ and suppliers’ commercial integrity against financial performance, credit risk information and payment behaviours. Access to this level of insight provides the intelligence to help businesses manage their exposure to risk.” |
