Comment on insolvency figures - Shalia Verma, Marks Sattin

Comment on insolvency figures - Shalia Verma, Marks Sattin

Shalia Verma,executive consultant of the insolvency division at accountancy and finance recruiter Marks Sattinsaid: “Low savings rates and pessimistic consumers have conspired to put heavy pressure on retailers’ balance sheets and that’s why more and more are going to the wall. Sadly, consumers are shunning the high street in favour of paying down debt in order to batten down the hatches for an uncertain economic future. If we don’t see a significant boost in sales in the key final quarter of 2011, the number of retailers becoming insolvent will rise further. Struggling retailers hoping to survive must expand into new channels in order to drive their business and maintain operating capital. With more and more products being purchased online, it will be hard for high street only outlets to compete. In tough times, flexibility is the key to survival.

“2011 has been increasingly busy for insolvency professionals and accountants with experience in the area are in high demand. Those with investigations experience are currently considered the most precious commodity, as forensic accounting teams are getting busier and busier and will need to expand to satisfy demand. Across the board, insolvency specialists seeking new positions are looking for higher salaries, a variety of work and are placing career progression as their top priority.  Employers looking to put together the best teams know they will have to offer highly attractive packages to beat off the competition for the top talent”.