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R3 Research Shows Companies Remain Keen ‘To Avoid Complacency’

Legal Expert Calls On Businesses To Focus On Quality Advice


By Rob Dixon

New research showing that half of businesses in the north are concerned over suggestions that the economy is in ‘recovery mode’, demonstrates the need for small businesses to avoid complacency, legal specialists have warned.

The latest Business Distress Index from insolvency body R3 has revealed that 56 per cent of companies do not agree with the statement that the economy is now recovering, while just 33 per cent said they were behind the claim.

However, despite the concerns, the study also suggested two-thirds of companies showed no actual signs of distress.

Commenting on the statistics, Steve Beahan, a Partner at Irwin Mitchell’s Sheffield office and specialist in SME legal services, said: “Like other reports in recent weeks, this study highlights that while many remain cautious in their outlook for the future despite the improvements being seen across the economy.

“It is clear that now is simply not the time for complacency and companies will take great care in considering potential growth opportunities or investment in order to move forward.

“A vital part of this for small businesses will be ensuring that they get the best quality advice available at the outset, as this will ensure they can make informed and important decisions safe in the knowledge they have the right level of expertise in on their side.”

Read more about Irwin Mitchell's expertise in relation to SMEs