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North East tourist attractions more financially secure than any other region, finds study

The latest study from insolvency trade body R3 has found that the North East’s tourist attractions are performing well in comparison to their counterparts across the country.

According to recent national business stability tables, stately homes, historical sites and museums in the region are at lower risk of slipping into financial woe than anywhere else in England.

Moreover, the North East’s amusement parks and recreation venues also came out on top of their sector list, while the hotel and holiday accommodation sectors are both performing around their respective national averages.

More broadly, R3 research contends that the North East’s pub and restaurant industries are also continuing to do well against their regional rivals although, as ever, the region’s construction sector remains the least stable of any of the 12 regional peers.

Neil Harrold, chair of R3 in the North East and a partner with Hay & Kilner Solicitors, says: “The North East benefits from a very diverse tourism sector that offers a range of high quality attractions all year round, and this is being reflected in their good performance in relation to the rest of the country.

“The overall picture for the North East remains very mixed, with good news in some industries being balanced against continuing struggles in others, and with many obvious challenges facing all of us in the foreseeable future, there will doubtless be trading issues for many regional businesses to overcome.

“The best way for any company to recover from financial problems is to take early proactive action to address them, so that the maximum range of options is available for finding a way back to a more sustainable position.”

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