Recent figures from the ONS have revealed a 15% drop in insolvencies in the last 12 months, with reports falling from 99,300 to 84,080. Whilst these stats reflect positivity, the report also points to an ongoing decline of business startups, with Q2 of 2023 being the eighth consecutive quarter where business births have been lower than business deaths. Chief Executive at Time Finance, Ed Rimmer reflects on the real impact of these statistics…
“The fall in numbers of businesses folding this year suggests the economy is in much better shape than we might have first thought. Only six months ago we were seeing some of the highest insolvency rates on record, so it’s clear to see that businesses are prevailing against the many challenges sent their way and there is certainly cause for optimism as we head further into Q3.
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Time Finance can fund businesses or arrange funding with their trusted partners through Asset Finance, Invoice Finance, Business Loans, Vehicle Finance or Asset Based Lending.
