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According to recent report by PwC, the number of UK Company insolvencies fell in the second quarter but warned that corporate failures could rise in some sectors as consumer spending remains weak.
In total, 3,531 UK companies became insolvent in the second quarter, a 16% decline from the 4,216 failures in the first three months of the year, according to an analysis by PwC.
Some of the administrations noted on SnapShop for first half of 2011 were long-established high street chains such as Oddbins, Moben, Dolphin, Focus DIY, Habitat and Jane Norman, as well as some newer names like Georgina Goodman and Life & Style. Over the previous quarter, the number of retail administrations has gone down by 7% in second quarter of 2011 compared to first quarter of 2011 - a significant number of them were household names.
At the same time it was interesting to know that number of new retailers entering UK have increased by nearly 33% in Q2 2011compared to Q1 2011 along with an increase in number of retailers rescued in Q2 2011 compared to that in Q1 2011.
We were asked, if this is because landlords are working harder to help retailers? Well, yes and no. Landlords are well aware there aren’t too many retailers knocking on their doors. And some rent is often better than nothing also as Q2 takes in the period after the retail doldrums of February and March. Retailers having survived Q1, hope for better times. But Midsummer Quarter Day, rent day for the Third Quarter, is a day of reckoning.
Alongside this there was an affirmative research published by LDC showing no change from the occupancy level seen at the beginning of 2011, LDC suggests this is due to regional variations and a high volume of betting shops, supermarkets and charity shops opening across the country, and it also points to an improvement in the opening of independent stores.
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