The number of companies going bust jumped by almost a fifth in August compared with a year earlier as the toll of high interest rates and falling sales hit struggling businesses.
The Insolvency Service said 2,308 firms in England and Wales collapsed in August, which was 19% more than in August 2022 and higher than pre-pandemic levels.
Construction companies, retailers and manufacturing firms headed the list of sectors most affected by firms becoming insolvent.
The retailer Wilko, which went into administration on 10 August and has subsequently collapsed with the loss of 12,500 jobs and 400 stores, is expected to signal further company insolvencies in the remainder of the year.
Corporate insolvencies increased by 71% from August 2021s total o…
Read the full article at: https://www.theguardian.com/business/2023/sep/15/number-of-uk-companies-going-bust-in-august-rises-by-a-fifth