Fewer Preston businesses faced financial difficulty in 2014

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The number of Preston businesses facing significant financial difficulty fell in the final quarter of 2014, according to the latest Red Flag Alert report from business rescue and recovery specialists Begbies Traynor.

The research found that the number of companies in significant financial distress fell by 12 per cent since the previous quarter, with 1,032 firms across the city now experiencing problems compared with 1,177 in quarter three.

The run-up to Christmas has had a positive effect on many general retailers in Preston, with 14 per cent fewer firms experiencing significant financial issues in the final quarter of 2014. Tourism and leisure also had a positive final quarter with 40 per cent fewer leisure and culture businesses, 19 per cent fewer travel and tourism firms and 10 per cent fewer sports companies facing significant difficulties.