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Yorkshire sees greatest fall in insolvency-related activity across the UK in October
Despite ongoing challenges to the UK economy, in October Yorkshire and the Humber put in the strongest performance of all of the regions and nations, seeing a double-digit fall in insolvency-related activity since the previous month.
The latest research from insolvency and restructuring trade body R3, which is based on an analysis of data provided by CreditSafe, shows that in Yorkshire and the Humber insolvency-related activity (which includes liquidator and administrator appointments and creditors’ meetings) fell by 18.9% last month. The number of businesses affected in the region dropped from 291 in September to 236, the lowest number since May.
In October, six other regions and nations also saw a drop in insolvency-related activity since September with Northern Ireland falling by 10%, Wales by 6.5% and the South East by 3.7%. In contrast, the North East experienced a month-on-month rise of 26.8%, followed by Scotland with an uplift of 10.2% and the North West with an increase of 8%.
Looking at the number of start-ups, another key indicator of economic health, Yorkshire and the Humber again performed well with an increase of 14.3% since September, with only Greater London seeing a greater rise in levels of new businesses (up by 15.1%). The poorest performances were from Wales (-0.4%), and from Scotland and the West Midlands (both up by around 6%).
Eleanor Temple, chair of R3 in Yorkshire and a barrister at Kings Chambers in Leeds, said: “Despite gloomy forecasts for the UK economy, this month’s research does appear to show a glimmer of light at the end of the tunnel. Although growth is expected to be slow into 2024, interest rates appear to be reaching their potential peak and businesses are fighting hard against the current challenges.
“It is encouraging to not only see Yorkshire and the Humber having the greatest month-on-month fall in insolvency-related activity in October, but also that a total of seven of the 12 regions and nations surveyed also experienced a drop in these type of financial problems. The increase in levels of entrepreneurs starting new businesses both here and across the UK is also a positive sign.
“However, higher interest rates and inflation are likely to continue to impact both corporate investment and consumer spending, and the forthcoming election will also add to business uncertainty. In the midst of such a fragile economic outlook, directors would be well advised to remain cautious and seek professional advice at the first sign of financial difficulties.”
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Leeds-based fashion brand names new Chairman
Michael Truluck has joined Leeds-based Joe Browns fashion brand as Chairman with immediate effect.
The move will be Michael’s first chair position after recently leaving his role as CEO of La Redoute International, to spend more time with his family in Yorkshire and to build a non-exec portfolio.
The company aspires to have ten new stores within a year, and has completed a £2m warehouse upgrade to support growth ambitions and increase pick face capacity.Michael said: “I join at probably the most exciting time in the brands 25-year history. With a unique and confident approach to remarkable product across womenswear, menswear and home it means Joe Browns really stands out in the market – something that has been evident by the growth delivered by Simon, Peter and the team.
“With a great leadership team in place I look forward to supporting them by ensuring that Joe Browns is seen and loved by more customers than ever before. Be it through stores, an even stronger on-line experience or third-party partnerships – and from what I have seen already it’s all to play for from a really firm foundation.”
Simon Brown, Founder of Joe Browns, added: “I couldn’t be happier to welcome Michael into the Joe Browns family. We met years ago during a business meeting and I wrote in my notebook at the time ‘This guy is smart. Keep in touch.’… I didn’t. Later down the line our paths crossed again, and I made a similar scribble.
“When I learned Michael was looking for a non-exec role I was keen to meet with him and discuss the vision for Joe Browns future, and establish if he shared a similar excitement for our opportunities. It’s safe to say he could see the wealth of potential in our unique offering and I’m excited to have him along for the journey.”
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Ian Lowson, director at Whittam Cox Architects, added: “It’s incredibly rewarding to witness the final realisation of this scheme. Our approach has been guided by an unwavering commitment to delivering a best-in-class, Build to Rent offering in the heart of one of Yorkshire’s great cities, Sheffield.”
KCOM scoops national internet ‘oscar’
Hull-based KCOM has scooped a top award at ‘the Oscars’ of the internet industry.
The Hull-based broadband provider was given the award for the “Best Integrated Communications Campaign” at the ISPA 2023 Awards for its efforts to raise awareness of its copper to fibre phone network upgrade. The £17m upgrade programme is will see 170,000 homes and businesses across Hull and East Yorkshire migrated from old copper phone lines to fibre cables fit to face future demands. In 2022 KCOM launched a publicity blitz across the region with the tagline “Let’s get everyone’s landline fibre ready” to make everyone aware of the upcoming changes. A KCOM spokesperson said: “We’re absolutely thrilled to have been recognised at the ISPAs which are the most sought-after awards in our industry. “Work to upgrade our legacy copper landline phone network with future-proof fibre is arguably the biggest infrastructure project in KCOM’s 120-year history and it’s vital that our customers across the region understand the process and the reason why we’re doing it. It’s also incredibly important that vulnerable customers are aware of the change and are supported throughout the process to make sure everyone remains connected. “A huge amount of work has gone on behind the scenes to make this happen and we’re delighted all our teams involved in making the programme such a success so far have been given this national recognition.” KCOM began upgrading premises to fibre in Beverley earlier this year and is now migrating thousands of customers in areas including east and west Hull each week. KCOM was also nominated in a second category on the night for Best Consumer Internet Service Provider (for companies with between 50,000 and 250,000 customers).