The manufacturing sector has seen lots of change over the years, from reduced waste to a focus on smoother and more efficient manufacturing processes. Despite these positive changes, in the current climate a lot of owners of UK manufacturing firms are finding trading tough and the number of company insolvencies within the industry is rising.
Many manufacturing firms are struggling to remain solvent due to ongoing financial problems, and the entire industry is now at risk of shrinking as a result of Brexit. Textiles, clothing and footwear sectors of the industry are going to see the largest decline. The industry is forecasting low future growth, so many owners are likely to be forced to close or scale-down their companies.