A painful picture of the coronavirus impact on the economy has been painted as it was revealed that 1,700 businesses are now classed as being in distress in the Humber.
The figure is up 350 - a 27 per cent rise - year-on-year.
Businesses in financial trouble have also increased by 12 per cent since the last quarter.
The latest Red Flag Alert research from rescue and recovery specialist, Begbies Traynor, found the figure was in line with the 海角视频 average.
In the Humber region some of the worst-hit sectors were hotels and accommodation, which saw a 63 per cent increase year on year, with 13 businesses in financial trouble, and construction, where distress was up 35 per cent year on year, and 15 per cent on the previous quarter, affecting almost 300 firms.
The property sector, along with general retail and bars and restaurants also bore the brunt of the economic effects of the pandemic.
There are also fears this may just be the tip of a very large iceberg,with the coronavirus pandemic having reduced court activity, limiting the number of CCJs and winding up petitions being issued against indebted companies. There has been a ban on the latter for Covid-related debts.
Andrew Mackenzie, partner at Begbies Traynor in the Humber, said: “The pandemic meant that 2020 was a devastating year for thousands of businesses as they fell further into financial distress and quarter one 2021 seems to be offering little hope of an upturn.
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“The Government’s extended furlough and financial support measures will provide some relief and should save a significant number of businesses from entering into insolvency in the short term.
“Unfortunately, for many struggling companies, Government financial help will provide little more than a stay of execution as debt levels become unmanageable and structural changes across many sectors take their toll.”