1983: Record bankruptcies
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LAST YEAR was the worst on record for business failures in the motor trade, according to business information company Dun and Bradstreet.
There was an eight per cent leap in liquidations last year to 1,615, or 13 per cent of all liquidations in England and Wales. More than 44 per cent of these were in London and South-East England, 14.4 per cent of them in Northern England.
A 9.3 per cent increase in bankruptcies hit 786 businesses, representing 11.5 per cent of all English and Welsh bankruptcies.
According to Dun and Bradstreet, there was an overall 12 per cent increase in company liquidations last year, but the previous year witnessed a 35 per cent increase, thus showing that the rate of failure is slowing down.
"While we are beginning to see an improving business environment, it is still essential that managers pay very close attention to basing business decisions on reliable data about customers and suppliers alike," it said.
"Business people in general should ensure that their customers pay them in accordance with their own terms of trade."