BUSINESS failures in the North West have rocketed.
Figures for the first three months of the year show a 24 per cent rise on the same period last year.
Company liquidations increased by 31 per cent and bankruptcies by almost 18 per cent.
It is the first time since 1993 that the first quarter has shown an increase.
The disheartening survey was carried out by Dun & Bradstreet .
"The marked increase in the business failure rate reflects the difficulties that companies face trading out of a recession and operating on low profit margins," said Philip Mellor, senior analyst for Dun and Bradstreet.
"It appears that much of the country is following London where the failure rate rose by 15 per cent last year.
"Now that the rate is falling in the capital it is hoped it will be repeated elsewhere."
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