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03/05/2002
Survey reveals reduced failure rate for NI firms
Northern Ireland has the lowest rate of business failures in the UK, according to the latest report from business information providers Dun&Bradstreet.
The figures collated by D&B show that for the first three months of 2002, 74 firms collapsed, which represents a fall of 13% on the same period for 2001.
By comparison the total number of UK failures rose by 15% with London the only other region reporting decline in business failures.
According to the D&B, Northern Ireland’s business failures are now at their lowest since the early 1990s.
Paul Rooney, business recovery partner with PricewaterhouseCoopers in Belfast said: “The continued decline in overall business failures is welcome but it should not be interpreted as a measure of the overall health of the Northern Ireland economy.
“Northern Ireland has virtually the lowest level company formation of all the UK regions, the slowest level of business growth and the lowest level of business failures.
“Taken together these statistics reflect an economy that has not grown its indigenous industry as fast as other regions and where too many businesses are focused on local markets and too few are internationally competitive,” he added.
(AMcE)
The figures collated by D&B show that for the first three months of 2002, 74 firms collapsed, which represents a fall of 13% on the same period for 2001.
By comparison the total number of UK failures rose by 15% with London the only other region reporting decline in business failures.
According to the D&B, Northern Ireland’s business failures are now at their lowest since the early 1990s.
Paul Rooney, business recovery partner with PricewaterhouseCoopers in Belfast said: “The continued decline in overall business failures is welcome but it should not be interpreted as a measure of the overall health of the Northern Ireland economy.
“Northern Ireland has virtually the lowest level company formation of all the UK regions, the slowest level of business growth and the lowest level of business failures.
“Taken together these statistics reflect an economy that has not grown its indigenous industry as fast as other regions and where too many businesses are focused on local markets and too few are internationally competitive,” he added.
(AMcE)
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
