Big rise in UK firms struggling financially, warns insolvency expert

Begbies Traynor says number of firms in trouble rose by 20%, with concerns Brexit vote could tip companies over the edge

The number of British manufacturers who are struggling financially has risen by 20%, with food and drinks companies hardest hit - despite the weak pound making UK exports cheaper abroad.

Data from the insolvency firm Begbies Traynor showed that 21,061 UK manufacturers, many of which rely heavily on exporting, ended the first quarter of this year in a state of significant financial distress - 20% more than a year ago.