The Business Distress Index was launched by RealBusinessRescue.co.uk to advise business lenders in financial hardship.
It analysed data from Red Flag Alert and discovered travel and tourism firms in "significant financial distress" are part of 713,000 SMEs in severe difficulties across the economy – with a total of 3.2 million jobs at risk.
The study also found the number of start-up travel companies (firms launched after 2017) classed as being in "serious financial distress" had increased by 13% in the last quarter.
