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Creditsafe’s 2016 A Year in Review, a complete guide looking at company start-ups, closures, directors, CCJ's and much more. Download the full review for free here.
The manufacturing sector saw 1,676 company closures in 2016, compared to 1,793 in 2015. The sector’s insolvency count has consistently declined over the previous 4 years, indicating a recovery from the bad reputation that lingered around it during the recession. As company closures rose 24% as a whole across the UK, it is very positive that manufacturing companies are managing to stay afloat.
The sector with the most insolvencies was admin and support services, with more than 3 times the amount of manufacturing it saw 5,392 company closures last year. The sector with the least company closures was the public administration sector, with only 17 companies becoming insolvent.
With the public administration sector having the least amount of company closures, it comes as no surprise that they are also the sector with the least amount of CCJs issued to them. The sector had only 45 CCJs issued throughout 2016, totaling £145,419 and the average CCJ being worth £3,232.
Professional; scientific and technical activities had 3,466 CCJs issued to them during 2016, the highest among all the sectors within the UK. The total value came to over £59M with the average CCJ being £17,158; well above the national average.
The CCJ value throughout the whole UK hit over £300M for the first time in 3 years with a total of 63,053 CCJs issued. This states that more invoices were going unpaid, which could indicate that more businesses are struggling, hence the rise in company closures.
Manufacturing had 4,812 CCJs issued to them last year with an average value of £4,435. The amount of CCJs issued rose by 5% from 2015 to 2016, however the average value of a CCJ dropped 1%. More CCJs were being issued, but at a lower value than 2015.
To read the full report on the UK economy please download our ‘2016 A Year in Review’.