Key sectors like construction and real estate, often seen as bellwethers for the wider economy, are also showing alarming signs of distress, with critical distress soaring by 58% and 63% respectively.
‘Red flag’ warning for thousands of companies at risk of going under as tax and wage hikes hit TENS of thousands of companies are on the brink - less than three months after the Treasury unveiled substantial increases to taxes and wages.
Hotels and accommodation saw an 83% rise in critical distress, leisure and cultural activities jumped by 76%, and general retailers weren't far behind with a 47% increase.
A shocking new report reveals a staggering 50% surge in the number of companies facing "critical" financial distress, jumping to a record 46,853 in the last quarter of 2024.
All 22 sectors assessed by the business in its Red Flag alert saw an increase in critical financial distress.
