A lower number of textile and clothing businesses went into insolvency in November compared to last year, with the overall rate of business insolvencies falling by 0.07% during the month.
According to global information services company Experian there were 17 businesses from the textile and clothing industry that went into insolvency in November this year compared to 26 last year. In November 0.12% of the business population in this industry failed, however in the same period last year 0.19% failed.
Max Firth, managing principal of pH, an Experian company, said: “So far this year the insolvency rate has enjoyed a period of relative stability. For the last five months it has drifted between the 0.07% and 0.08% mark, which is a more positive picture than last year.”
Overall, the rate of business insolvencies fell to 0.07% in November 2010, down from 0.09% in November 2009. Businesses in southern England fared better than the North. Scotland was the only region to see an increase in failures going from 0.04 per cent in November 2009 to 0.07 per cent in November this year.