Last month’s release of the 2017 insolvency figures did not make good reading for UK clothing retailers, who suffered from a rise in liquidation rates.

Research carried out by The Insolvency Service found that 17,243 companies entered insolvency over the course of the year, which represents a 4.2% increase year-on-year.

Other firms are now said to be on ‘high alert’ and exhibiting signals of financial distress. Such indicators include large falls in revenue and poor payment history.

Triggers of these symptoms have been identified as a fall in consumer spending and growing payroll costs. Both of these have apparently further compounded the pressure that shops have come under from the rising number of online-only outlets.

Growing staff costs have also been mooted as a factor as a result of the introduction of the living wage, whereas predominantly Internet-based businesses have comparatively been shielded from this.

Either way, with consumer spending hitting a five-year low last year, retailers are in the midst of facing some of the most tricky trading conditions since the recession.

In understanding the complexities and sensitivities of financial pressure, the Leeds, Harrogate, Bradford and Darlington-based teams here at Walsh Taylor work with clients to ensure that the best possible outcome is secured.

If you therefore reside in Castleford, Pontefract, Keighley, Knaresborough or the surrounding Yorkshire area and would like a free-of-charge meeting to talk through some of the issues you are experiencing, please either call 03300 244 660 or email confidential@www.walshtaylor.co.uk for confidential advice.

Mary Taylor
Director

Mary began working in insolvency for a national accountancy practice in Glasgow thirty years ago and worked in most divisions of the insolvency department.

She then moved to a smaller firm so she could advance her knowledge on a more hands on basis. She moved back to Leeds in 1987 and commenced working with a small firm of accountants and subsequently made partner.

She left in 1999 to set up her own practice, McCann Taylor.
McCann Taylor became involved with the consumer market both in England and Scotland.

Mary sold McCann Taylor in March 2007 and formed Walsh Taylor to concentrate on helping businesses experiencing financial difficulties.

Kate Ellis (neé Breese)
Insolvency Practitioner

Kate has worked in insolvency since 2001 starting out at a firm of solicitors in Leeds and latterly gaining positions within two national accountancy firms.

During this time Kate gained extensive experience in all aspects of personal and corporate insolvency, for the first part of her career specializing in personal insolvency and latterly corporate.

Kate has been with Walsh Taylor since its incorporation in September 2008.

Kate is CPI and JIEB qualified, is experienced in a variety of industries and sectors and is the firm’s joint appointment taker.

Meg Heath
Director

Meg has a background in supporting SMEs, including the raising of finance and advising on organisational change. She is a non-executive director of companies in the private and third sector, including Walsh Taylor.

Previously she was Deputy Fund Director of one of the largest CDFIs in the UK, and has experience of the social enterprise, charity and private sectors. Her experience of assisting companies to survive and thrive has been gained across a broad range of sectors and in companies of all sizes.

In addition to her work at Walsh Taylor she works for other private companies, including non-executive and trustee positions.

Emma Mifsud
Insolvency Practitioner

After graduating from Leeds University in 2005 with a BA Hons degree in Criminology, Emma worked for a regional law firm in both the property department and insolvency and banking department. Whilst doing so Emma gained a Graduate Diploma in Law at BPP University.

Emma then joined a national accountancy firm in 2009 gaining experience in personal insolvency before moving to a Leeds based firm. At this firm Emma specialised in bankruptcies, IVA’s and negotiating informal agreements with creditors. In 2013 Emma gained her CPI qualification.

Since joining the firm in December 2013, Emma has taken on a portfolio of personal and corporate insolvency cases to extend her knowledge and expertise in all areas of insolvency.

In December 2017 Emma become a licensed appointment taker under the Insolvency Practitioners Association, she is JIEB qualified.

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