The Bank of England (BoE) has
today delivered another frustrating blow to the hopes of a UK economic
recovery, as the growth forecast was marked down.
Mervyn King warned that growth
in the UK economy was unlikely to gain any significant momentum until 2015. It
is a worrying statement that hints at the fragile future that a number of
struggling UK businesses may face for the rest of 2013.
It also halts any specific
ideas that high street retailers may have had about a recovery in the fortunes
of the UK economy. It may now seem like a very long way until 2014 for a number
of struggling outfits.
Clothing chain Republic was
today revealed as the latest victims of the recent downturn as they called in
the administrators after a disastrously poor 2012.
150 members of staff at the
company’s head office have already been made redundant and the nationally
recognised brand is the latest in a long line of big names to feel the full
impact of the economic downturn.
It is difficult to say with
any real certainty how many more retailers will be forced to close their doors
during 2013. The answer to that question probably depends on how effectively
they are able to cut their cloth during these unstable economic times.
Contacting an
insolvency specialist
It can be difficult to assess
how much financial trouble your company may be in as many directors and company
managers are unable to look too far ahead into their financial future. Targets
are being hastily re-structured from one quarter to the next for a number of
companies.
A restructuring and insolvency advice
service can assist business leaders, financial directors and stakeholders to
deliver pro-active solutions for their business. They can also offer insightful
advice regarding how to proceed in the unstable economic climate of 2013.
If you
would like to have a free no obligation chat with one of our advisers please
call us on 0207 186 1143 or visit our website.
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