Another challenging period forecast for businesses
Yorkshire insolvency practitioner Chris Brooksbank who established his practice, CB Business Recovery during the height of the pandemic has moved to new premises at Riverside Mills, Elland following a period that saw appointments and fee income double, year on year, since 2020.
After news that the UK is now officially in recession, Chris is predicting another challenging year for both the economy and local businesses.
To help support clients, he has expanded his team, and now employs five members of staff.
His business culture remains firmly focused on encouraging businesses that are fundamentally viable to seek out professional support in a proactive and timely way, rather than waiting until it’s too late.
Regulated by the Insolvency Practitioners’ Association, Chris specialises in all aspects of corporate and personal insolvency and business recovery, in a career spanning more than 30 years.
Chris is also a member of The Association of Business Recovery Professionals.
He said: “It’s been a challenging and bumpy ride for many businesses over the past three years, as the knock-on effects of the uncertainty in Europe and spiralling energy prices have taken their toll.
“A worrying number of businesses are also still impacted by the pandemic, and many are unable to repay Bounce Back Loans, taken up during the pandemic. I am still seeing regular cases where loans are still at their original £50,000 balance therefore these financial burdens are going to be around for years to come.
“Looking ahead at 2024 there is still considerable uncertainty as we have now been dragged into recession, compounded by the impending General Election and ongoing wars in both Ukraine and the Middle East.
“None of us have a crystal ball but there are some positive signs that inflation will come close to hitting the Bank of England’s two percent inflation target. There is also cautious optimism that global energy prices will fall – although there is still considerable volatility.
“It’s difficult to predict which sectors will be hardest hit by corporate insolvencies, although many pundits expect numbers to climb, particularly those impacting smaller businesses.
“The industries most likely to be hit may continue to be hospitality, manufacturing and transport and storage, but again there is uncertainty. CB Business Recovery currently works with clients across most sectors.
“Financially, the markets are predicting that the Bank of England will come under increasing pressure to cut interest rates, particularly if cooling inflation and weak economic growth both kick in,” he said.
Chris has a long-established reputation for first-class client service and has worked in both national and local firms in the West Yorkshire area. He has established enduring links with accountants, solicitors, asset-based lenders, banks and other financial institutions.
For more information, and for details of how to get in touch, please visit his website: www.cb-br.co.uk
