Insights

Companies in distress

7,500 Scottish companies showing high signs of distress.

My thanks to Donald Shanks for sharing some interesting albeit worrying statistics with me yesterday.

In excess of 4,500 of those businesses are balance sheet insolvent with a similar number showing signs of liquidity pressures.

A further analysis of the top 10 industry sectors that are experiencing difficulties threw up a surprise for me. I would have expected Accommodation and Food Service Activities to be at number one, but they only appear at number 6 on the list.

The dubious honour of being top of this league goes to Professional, Scientific and Technical Activities, with both Construction and Wholesale, Retail and Repairs taking silver and bronze positions respectively.

These figures are based on company accounts filed by the end of December 2020. It will be interesting to see what trends emerge the further we get into 2021.

Tough times ahead for many – but I think most of us knew that already.

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A message from our founder

We are pretty sure you didn’t go into business to fiddle about with payroll, bookkeeping, VAT returns and HMRC forms.

Let’s face it. Running your own business can be difficult enough at the best of times and there’s one thing for sure – it isn’t getting any easier! You’re trying to keep so many plates spinning and juggling so many balls all the time to keep customers, staff, stakeholders and the bank happy. But who keeps you happy? You’ve got suppliers to pay, VAT, and all sorts of other taxes too.

You are looking for more profit and more return for all your hard efforts for you and your family.

Is now the time for you to get some more help? A plan? More controls? A different approach? Do you want things to happen better or faster?

If you can relate to even some of this this then maybe you need to make a call?

To show you we mean business I can visit you, at your convenience and without cost or obligation, at your business or home to develop a plan of action. You will know exactly what you will pay with us and there will be no hidden costs. Guaranteed.

What’s the worst case scenario?

Only that you will have some more ideas to take away.

But it could be the best call you ever make.

Jeff Wingham

Jeff Wingham studied at Dundee College of Technology (now The University of Abertay) gaining a BA in Accounting with commendation and was also a prizewinner in his penultimate and final years of his degree.

BA AFA MIPA

First Floor Offices
31 Hawkhill
Dundee
DD1 5DH

Phone: +44 (0) 1382 220263
Mobile:+44 (0) 7709 241918
Email: enquiries@cikas.co.uk

Hours of operation

Monday: 8:30am — 5:00pm
Tuesday: 8:30am — 5:00pm
Wednesday: 8:30am — 5:00pm
Thursday: 8:30am — 5:00pm
Friday: 8:30am — 5:00pm

(Evening consultations also available)