Critical moment for 55,500 firms

80% SPIKE IN BUSINESSES ON THE EDGE

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THE number of companies whose finances are in a “critical” state has surged by almost 80 per cent in the past year, figures suggest.

Advisory experts Begbies Traynor's latest Red Flag Alert found, as of the end of September, 55,530 firms were in “financial distress”.

It blamed higher business taxes, economic uncertainty and inflation.