Number of Firms in Critical Financial Distress Rises Sharply

A growing number of UK businesses are at risk of going under, as costs spiral and COVID-19 loan repayments come due, a report has found.

Construction and hospitality are the sectors struggling most, according to insolvency firm Begbies Traynor.

Loan repayment schedules should be extended to ease the pressure, it said.

The government said it had given businesses an “unprecedented package of support” and increased flexibility in paying back COVID-19 loans.

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