beats by dr. dre – beats ibeats earbud headphones Business beats Brexit gloom
Business beats Brexit gloomCambridge businesses are thriving in a post Brexit UK09:37, 28 OCT 2016A busy Cambridge City Centre. (Image: Keith Jones)
Over the last financial quarter the number of Cambridge businesses in significant financial distress fell by 10 per cent between July and September 2016.
Businesses in the hotel, construction and media sectors were among those seeing the strongest improvements.
Drawing on legal and financial data, research from business recovery practice Begbies Traynor revealed 116 less city businesses suffered significant distress compared to the second quarter of this year. “Significant” problems refer to companies subject to County Court Judgements of less than or “sustained or marked deterioration in net worth.”
The findings published earlier this week found the number of Cambridge companies reporting “critical” financial troubles also went down from eight to two in the same time period.
“Critical” refers to companies with winding up petitions filed against them, or County Court Judgements totalling over However the figures came with a warning, from executive chairman at Begbies Traynor, Ric Traynor.
“Given that the details of the future Brexit deal are as yet unknown, it is still too early to tell what longer term impact the ‘Leave’ decision might have on the UK economy,” he said.
Mary Currie Smith, from Begbies Traynor’s Cambridge office, added that while fewer businesses in Cambridge found themselves in financial difficulties, it was perhaps a “reflection of extra caution during a period of uncertainty”.
Chief executive of Cambridgeshire Chambers of Commerce, John Bridge says the findings are due to small business owners managing to adapt more quickly and readily deal with the changing requirements of their customers, while bigger businesses are slower to respond.
He said: “They are delivering the business plans that they have got. We have got a very strong diversity of businesses throughout Cambridgeshire, and they manage to cope and deal with most of the issues that have been thrown their way.
“I think from my perspective we have been through it before, it wasn’t long ago the pound against the euro went down to nearly one to one. And businesses coped with all of that though people want to try and blame Brexit for lots of things.
“The majority of businesses belonging to the chamber were in favour of staying and we supported them but having made the decision we just accept that’s the way it is.”
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