The East Midlands agricultural sector was the UK’s top performer in April, according to the latest sector tracking report from insolvency and restructuring body, R3.

The statistics, compiled using Bureau Van Dijk’s Fame database, show that the region had just 14.8% of agricultural businesses operating with an ‘above average’ insolvency risk in April, comes after similar results in March, where the sector outperformed others again, with only 14.5% of  agricultural businesses showing a higher-than-average risk of insolvency.

The East Midlands’ agriculture performance comes against other less well-performing sectors in the region. Restaurant operators have 23.7% of businesses in the same insolvency category, and the transport and haulage sector have 36% showing an ‘above average’ risk – 3.7% above the national average.

R3 Midlands chairman, Chris Radford, commented on the findings, explaining how the East Midlands’ financially stable agriculture sector put it in good stead to withstand the challenge of Brexit and fluctuating markets.

“The current economic climate is, however, providing significant stumbling blocks for other local sectors”, he said.

“The proportion of firms struggling financially in the hospitality, transport and haulage sectors is clearly of concern. R3 advises that the monitoring of finances should remain a priority for all business owners as they seek to weather all eventualities.”

If cash flow becomes a challenge, it is imperative to seek professional advice sooner rather than later.

Contact one of our specialist advisers who will be able to talk you through any next steps that you are looking at taking.