Exclusive: 52 South West companies collapse as firms come under ‘increasing strain’

The number of companies in the South West collapsing into insolvency has risen by nearly two thirds in a year, new research has revealed.

There were a total of 52 firms in the region that went bust in May – a rise of around 60% compared to the same time in 2021.

According to analysis of public records site The Gazette by the Bristol office of professional services firm Evelyn Partners ( formerly Tilney Smith & Williamson ), the region’s service and retail sectors were particularly badly affected.

The research, which was carried out exclusively for BusinessLive , found that businesses in the wholesale and retail trade in the South West are about a third more likely to fall victim to insolvency than in the rest of the UK.

Nigel Fox, a director in Evelyn Partners’ restructuring and recovery services team in Bristol, said the figures show the “increased strain” that businesses are under in the region.

Mr Fox said approximately a third of the firms that collapsed last month in the South West, Wales and rest of UK were in the service sector.

The shock figures follow a warning by the firm’s business recovery team that companies across the region are facing a “perfect storm” amid a rising tide of insolvencies. It says local companies are facing challenges from several directions including rising energy prices, high levels of debt and inflationary pressures.

The Bank of England has warned that inflation – the increase in the price of goods and services – could hit 11% by the autumn when energy bills rise.



Nigel Fox of Evelyn Partners
Nigel Fox of Evelyn Partners

“The increasing numbers of insolvency cases will not have been helped by the ending on March 31 of the remaining temporary measures put in place by the Government to support businesses,” said Mr Fox.

Many small businesses across the South West are urging the Government to provide more support, with many fearing they could collapse if nothing is done to help.

Mr Fox said inflation and the rising price of energy for businesses – for which there is no cap – leaves firms “very exposed”. He added: “Directors now need, increasingly more than in previous years, to regularly keep a close track of the health of their business because of a number of factors.”

Earlier this year, South West chamber of commerce Business West called on the Government to expand the energy bills rebate scheme to help small firms, particularly energy intensive businesses.

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List of South West companies that became insolvent in May

WYMAN DILLON LIMITED

Bath

RIGG ELECTRICAL LTD

Bath

BEST EAT LONDON LIMITED

Bristol

LATIMER AVENUE LTD

Bristol

OXIS ENERGY LIMITED

Bristol

P M PROPERTY SERVICES (WESSEX) LTD

Bristol

DRIVE FORCE (UK) LTD

Bristol

PHIL BESWICK LIMITED

Bristol

ELADY LTD

Bristol

THE BUBBLE FACTORY LIMITED

Bristol

FORTUNA FRUTOS (UK) LIMITED

Bristol

PENZANCE JOINERY LIMITED

Bristol

LIGNVM VITAE LTD

Bristol

DU LTD

Cheltenham

ORANGE AND BLUE CREATIVE SERVICES LIMITED

Cheltenham

EPICURE CATERING EVENTS LTD

Cheltenham

FONT CONSULTING LTD.

Cheltenham

AUTO DEVELOPMENTS LIMITED

Cheltenham

IBRAR TRADING LIMITED

Cheltenham

PIXIES ICKLEFORD LIMITED

Cheltenham

STRESSLESS HEALTH AND BEAUTY LIMITED

Cheltenham

URBANXROOTS LTD.

Cheltenham

QUESTKIT LIMITED

Cheltenham

CATERINGCOLLECTIVE LTD

Cheltenham

SNOOZE (LIVERPOOL) LTD

Cheltenham

AFW CONSULTING SERVICES LTD

Cheltenham

JONASGREY LTD

Cheltenham

ACTIVE KEY UK LIMITED

Cheltenham

C R BLAKE LIMITED

Cheltenham

MAGNUM GROUP LIMITED

Cheltenham

LINK HIGHWAY SERVICES LIMITED

Cheltenham

FERVID GROUP LIMITED

Exeter

TWENTY THREE MEDIA CONSULTANCY LTD

Exeter

SALTCAVE SOUTH EAST LTD

Exeter

COUCH & HOSKIN LIMITED

Exeter

UNITED CONTRACT SCAFFOLDING LTD

Exeter

NORDIC DESIGNS LIMITED

Exeter

TABSYS LIMITED

Ivybridge

BEER BUDDIES LIMITED

Ivybridge

OCTOPUS (FALMOUTH) LIMITED

Ivybridge

ROUTE 52 CARS LTD

Penryn

BUILT & SPACES LIMITED

Penryn

DUESDAY LTD

Penryn

CURZON PRIVEE CONSULTANCY LTD

Penryn

CUDDLEMS LTD

Penryn

GLOBAL ARTICHOKE LIMITED

Plymouth

BAMFORD TRADING (UK) LIMITED

Plymouth

HARRY BUGG LIMITED

Plymouth

CHOICE CONSTRUCTION GROUNDWORKS LTD

Swindon

EXTRA MILE PRINTING LTD

Taunton

BICYCLEWORKS LTD

Wrington

JAKE’S BIKES LTD

Wrington

Source: www.business-live.co.uk

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