Retail in Scotland looks set to suffer

Retail in Scotland is being hit by a lack of consumer confidence coupled with a shift to online shopping. High Street stores across Scotland are facing a “bloodbath” of closures as families struggle to cope with soaring living costs and massive job losses.

R3, the Insolvency’s industry trade body, quoted yesterday that more than a quarter of shops and nearly a fifth of hotels in Scotland could go bust within the next 12 months, according to a report. The figures were that 274 retail businesses and 30 hotels in Scotland had a "high risk" of failure. A further 1,238 retailers and 137 hoteliers were "vulnerable to failure" in the next year.

R3 indicated 26.15% of all retail firms and 17.99% of all hotels were at risk.

An insolvency practitioner’s license covers England, Scotland and Northern Ireland so that he or she can act throughout the whole of the United Kingdom.