The construction, retail and hospitality sectors are among the hardest hit, Government figures show.
More businesses have gone bust in England and Wales in recent months than since 2009 amid the aftermath of the financial crisis, according to Government figures.Company insolvencies jumped by a 10th between July and September, compared to the same period last year, new Insolvency Service data revealed.
The latest quarter’s total was 2% lower than between April and June, however, where insolvencies surged to 6,319 – the highest level since the second quarter of 2009. Many businesses have been recovering from the Covid pandemic, with the unwinding of support measures, and grappling with high inflation, rising interest rates and dampened consumer demand.
Construction firms saw the highest number of insolvencies at 4,276 over the past year, nearly a fifth of all the cases where the sector has been identified.
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