A year-on-year 12 per cent rise in “distressed” companies in Yorkshire has taken place, according to a membership organisation report.

The statistic appears in the Institute for Turnaround’s (IFT) latest Societal Impact report, which surveyed the organisation’s members.

The year-on-year percentage increase in incidence of distressed companies in the North East region, meanwhile, was 10 per cent.

More positive findings from the report, according to a spokesperson, include, in 2024, £3.1 billion in added shareholder value generated by independent members of the IFT; and the ‘safeguarding’ of 56,000 jobs as “enabled by independent turnaround expertise.”

More than 80 per cent of IFT members reported activity levels comparable to or busier than in 2023, while 78 per cent of members expected further growth in turnaround activity in 2025.

Cultural and psychological resistance to external advice was the most-cited reason for businesses in distress failing to seek support at an early stage.

The report can be read at https://www.the-ift.com/wp-content/uploads/2024/12/The-IFT-Impact-Report-2024_compressed.pdf