The number of businesses in financial distress in Scotland is continuing to soar, with almost 33,000 experiencing early signs of distress in the final quarter of 2020.
This 30% increase compared with the same period the previous year comes as the country faces a strict lockdown which is likely to remain in place until at least February.
The latest data from business rescue and recovery specialist Begbies Traynor showed a 14% rise in those seeing ‘significant’ distress since the third quarter of 2020, slightly above the UK wide figure of a 13% increase.
In contrast, the country experienced a 40% fall in businesses experiencing ‘critical’ distress – those that have had winding up petitions or decrees totalling more than £5,000 against them – by the end of last year, compared with the same period the previous year.
There was also a 19% fall in these advanced signs of distress in