Growing insolvency practice says Brexit is causing supply chain distress

National practice Opus is relocating its Liverpool office from Duke Street to 20 Chapel Street after seeing the volume of complex client instructions increase by 30% in 12 months. Tony McDonough reports

20 Chapel Street
20 Chapel Street in Liverpool city centre

 

One of the leading insolvency practices in Liverpool says firms being cautious over Brexit is causing distress further down the supply chain.

National practice Opus is relocating its local office from Duke Street in the city to 20 Chapel Street, in the heart of the central business district. It has taken on more staff after seeing the volume of complex client instructions increase by 30% over the past 12 months.

This includes a a marked increase in the number of corporate insolvency cases and this elevated level of activity has spurred Opus to recruit two additional members to its team, with plans to make up to four further appointments in the second half of this year.

The upward trend in regional corporate insolvencies is reflected nationally, with recent figures issued by the Insolvency Service suggesting that the number of companies falling into distress is now rising at its fastest pace since 2009.

Stephen Berry, the locally-born director of the Liverpool office, said: “The current climate of uncertainty swirling around Brexit has made a lot of businesses cautious, with many choosing to invest in stock and becoming more risk averse.

Stephen Berry
Stephen Berry, director of the Liverpool office of insolvency practice Opus

 

“While this approach is perfectly understandable, it inevitably trickles down through the supply chain, leading to increased demand for our restructuring and business advisory services

“We have worked hard to establish our reputation in the city and building strong relationships with professional advisors, who now recognise that any client they refer to us will receive a high calibre service delivered with empathy and practical business acumen.

“Our Liverpool office is very much homegrown and all our team hail from Merseyside, so we understand the local landscape. Our local commitment, while being part of a national firm, means we’re agile and able to flex our service to the exact needs of the company or individual.”

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