Hundreds of retailers will hit the buffers next year as the recession kicks in, according to a retail insolvency expert.

Nick Hood, partner at insolvency specialists Begbies Traynor, said there would be a raft of administrations that will leave “big holes on the high street”. He said the failures will include some of the most well-known high street names.

Hood told The Guardian: “There will be hundreds of smaller retailers going bust and up to 15 national and regional chains, including one or two that will really make your eyes water.

“There are going to be some real ‘oh my God’ moments, which will leave big holes in the high street.”

Begbies Traynor said it is aware of 200 retailers with critical financial problems.

Woolworths and MFI are two of the biggest retail chains to have fallen this year. Others include furniture chains The Pier, ScS and Strategic Retail.

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