Business failures are set for a record high this year, an expert has warned.
The warning comes as the latest quarterly insolvency statistics for January to March 2023 (Q1) reveal there were 5,747 company insolvencies in England and Wales.
This is 18 per cent higher than in Q1 2022.
Nicola Banham, insolvency director at Azets, which has offices in Chandlers Ford, Fareham, Romsey and Winchester, said as inflation remains high and interest rates continue to rise, cash will become tight for many more businesses.
She says this is down to increa…
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