3Q 2024: Northern Ireland business distress rises 32.7% to 569 firms, aligning with broader UK trend of 30% rise.
In the third quarter of 2024, Northern Ireland experienced a 32.7% increase in businesses facing significant financial distress, totaling 569 firms, according to Red Flag Alert data. This trend reflects a broader UK issue, with over 632,000 firms in distress, a 30% rise from last year. The construction sector is particularly affected, though the number of firms in critical distress has decreased by 23%. Economic uncertainty and pandemic-related debts are key contributors to these financial strains.
October 18, 2024
16 Articles