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Scottish firms facing liquidation

Date Added: 11/10/2012  

Many companies in Scotland could be in need of business debt advice to keep their enterprise alive after a new report revealed a lot of firms based in town centres are struggling to survive.

According to a study released by commercial property consultants GVA, there are now thousands of empty premises north of the border and this figure is rising.

Retail firms are finding it hard to attract customers due to the state of the economy and Paisley was shown by the report to have topped the list for empty shops, with 29 per cent of its retail space lying vacant, reports the Daily Record.

Cumbernauld, Glenrothes, Dunfermline and Kirkcaldy made up the rest of the top five in the study, with each of these places having at least 20 per cent empty stores in their town centre.

Tom Johnston, president of Renfrewshire chamber of commerce, explained the current economic climate is just part of the reason why so many retail firms are failing at the moment.

"There have been a lot of businesses that have gone into administration and liquidation as a result. But a lot of the shops that are lying empty on the high street are frankly not fit for purpose," he was quoted as saying by the news provider.

Mr Johnston explained companies in the retail sector are now in need of greater sizes of shops and many town centres are not able to provide them due to a lack of available space.

Mark Macmillan, leader of Renfrewshire Council, claimed the local authority is working hard to help companies based in Paisley town centre with a wide range of measures.

He noted the 29 per cent retail vacancy rate is out of date and pointed out there has recently been a big Discount UK store opened on the site of the former Littlewoods, which resulted in the creation of 60 jobs for the area.

According to a recent report by the Herald, 40 jobs were lost as a result of the liquidation of Muiryhall, which traded as The Millers Restaurant and Visitors Centre at Midmar.

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Posted by Julie Cutts

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