Businesses in the North are twice as likely to be in debt as those in the South, says research.
According to a study of 155 managing directors by research agency Mackman Group, Northern companies are more worried about their finances and have less access to funds than Southern counterparts.
Only 10 per cent of Northern firms say they are debt free compared to nearly a quarter in the South.
Northern businesses are more concerned about getting access to funding, with the number of businesses in the North noting access to investment as a key priority nearly three times as many as the South.
Patrick Leoni Sceti, managing director at corporate finance advisory boutique Leoni Sceti Group, says: ‘This research comes at a critical time for the future of UK SMEs as we anxiously wait to see exactly where the Government’s spending cuts will fall and who will be affected the most.”
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