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Pace of business failures slows

Published:  13 July, 2010

LONDON: The number of business failures eased but still exceeds pre-recession levels of early 2008 according to the Equifax Business Failures Report.

The construction sector saw a 17.3% drop in the number of failures year-on-year and a 7.5% reduction compared to the first quarter.

The North East was the best performing region quarter-on-quarter.

Nic Beishon, head of Equifax Commercial Information Solutions said: "Our latest Business Failures Report appears to reflect the very close control businesses have been putting on cashflow and costs."

"There is much speculation about whether we are heading for a double-dip recession, but our Business Failures Report certainly seems to indicate that all the right actions are being taken by business to survive continuing difficult trading conditions."