The insolvency advice Manchester’s troubled businesses receive is among the best in the country, as new corporate recovery statistics from industry organisation R3 prove.
Published last week, the figures from the association of business recovery professionals put the north-west as a whole out in front.
With a corporate recovery rate of 52%, that means the majority of businesses declared insolvent in the region go on to survive in some form.
This is more than anywhere else in the country, with the insolvency advice Manchester businesses receive helping the region to achieve an impressive 11% more than the national average of 41%.
And that statistic doesn’t even include businesses that sought insolvency advice but managed to turn things around without entering formal insolvency proceedings.
Phillip Sykes, R3’s national president, said at an event in Manchester: “The north-west is one of the biggest centres for our profession, with over 10% of the UK’s insolvency practitioners based here.
“The region also has the best record on business rescue of any part of the UK, resulting in thousands of jobs saved and wider benefits for the regional economy.”