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Increase in food business liquidations.

The number of food and drink companies entering into voluntary liquidation has more than doubled over the past year, according to Government figures.

Statistics for the fourth quarter of 2008 show there were 3,045 voluntary liquidations, up 16.1% on the previous quarter and 62.2% on the corresponding quarter of the previous year. Of these, 18 were food and drink manufacturing companies, up from seven in the fourth quarter of 2007.

"The figures are depressing in their predictability," said Geoff Carton-Kelly, partner, Baker Tilly Restructuring and Recovery LLP.

"While many businesses can cope with a small reduction in custom, the massive falls currently being experienced are causing serious damage. 2009 will go down as a bleak year in history for mid-market companies--things will get worse for them before they get better."
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Article Type:Brief article
Geographic Code:4EUUK
Date:Feb 14, 2009
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