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The number of companies collapsing into insolvency in England and Wales has jumped by nearly 40% in a year, as soaring energy prices, high inflation, and rising interest rates take their toll.
There were 1,948 company insolvencies in England and Wales last month, the Insolvency Service reported, up 16% from September’s total of 1,684. That figure is 38% higher than in October 2021, when there were restrictions on winding up companies during the Covid-19 pandemic, and 32% higher than in 2019.
It showed how companies in England and Wales were facing a “worsening situation”, said Jeremy Whiteson, a restructuring and insolvency partner at the City law firm Fladgate.
Two in five established businesses are concerned they could face insolvency or mass redundancies as the UK enters into a recession, according to a survey by Allica Bank.
Claire Burden, a partner at the professional services firm Evelyn Partners, said a survey of more than 500 small business owners by Censuswide showed that nearly a quarter had sold or remortgaged their homes to raise funds for their companies and a further 22% had invested personal savings.
David Hudson, a restructuring partner at the business advisory firm FRP Advisory, said inflation was hurting firms badly. “On the ground, inflation is devastating margins and throwing into doubt historically sound business models, which is eating away at confidence, undermining recovery plans and, crucially, testing the resolve of lenders,” he said.
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