Online crisis: about 65% of UK etailers are in ‘financial distress’

United Kingdom etailers going though rough times. The number of online retailer in the United Kingdom in financial distress has risen over 65% over the past three years, to 9,024, according to insolvency firm Begbies Traynor.  

Etailers in “significant financial distress” has increased by 1% to 26,930 during the three months to December 19, year-on-year. Fashion retailers facing the same situation has increased by 21% over the past three years, to 3,355 companies. 

“The year started with uncertainty for businesses with a decision on a Brexit deal and the nature of the UK’s exit from the European Union set to be determined”, stated Julie Palmer, partner at Begbies Traynor insolvency firm. 

Begbies Traynor is a corporate rescue and recovery insolvency firm in the United Kingdom. They provide services for over 70 companies from small businesses and professional advisers to large corporations and financial institutions.