Insolvencies rise in Scotland, as businesses battle spiralling costs

This vital sector for our economy and for many thousands of jobs is suffering the consequences of Brexit, the financial crisis and the cost of living.

A study published in the Scottish Government's The Magazine by Interpath Advisory revealed that 23 companies in Scotland had gone into administration by the second quarter of 2023, compared with 3 in the second quarter of 2022.

Business revenue in 2021 would have been £16 billion.

Governments around the UK also rose, with 315 undertakings going into administration in the second quarter of 2023, compared with 212 in the second quarter of 2022.

"For the first time ever at the Royal Highland Show, we had a 100% success rate of indications of interest from buyers. We don't have a demand-side problem – people want to buy Scotland's products."

Iain Baxter

The recent Royal Highland Show was a remarkable premiere for Scotland Food and Drink.

Senior Scottish administrations in the second quarter were Adastra Access, the construction contractor, and recycling system operator Circularity Scotland.

This successful formula is not a secret. It is based on years of commitment to provide a quality product with a name that people at home and worldwide recognize and value.

Alistair McAlinden, Head of Interchannel Advisory in Scotland, said: "Given the recent hikes in interest rates and resultant increases in the cost of borrowing, one sector where we expect to see a marked rise in activity over the months ahead is real estate, from commercial, leisure and retail all the way through to residential.