THE number of large Scottish businesses falling into administration in the third quarter was down 29 per cent on the same period of 2017, but overall corporate insolvencies north of the Border were up, KPMG’s latest figures show.
The accountancy firm said yesterday there had been 17 administration appointments in Scotland in the three months to September, down from 24 in the third quarter of 2017. It noted administrations affected larger corporates.
KPMG said liquidations, which affected smaller businesses, were in the third quarter up by16% on the same period of 2017 at 225.
It noted the total number of corporate insolvency appointments in the third quarter, at 242, was up from 217 in the same period of last year.
Blair Nimmo, KPMG’s UK head of restructuring, said: “Business confidence in Scotland is among the highest in the UK, with large businesses in particular demonstrating resilience in the face of stalling Brexit negotiations and wider political uncertainty.
“UK headlines have been dominated by challenges in the retail and casual dining sectors, but there are positive signs of growth in Scotland in sectors such as tourism and financial services. Demand for building services also remains strong, thanks to ambitious housing targets. Stability is returning to the oil and gas sector, albeit slowly, with Brent crude recently reaching a four-year high of $80.”
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