In the third quarter, 362 retailers entered into insolvency, a 12.1 per cent increase from the same time last year. A rolling 12-month comparison shows an increase in retail insolvencies of 20 per cent against the previous 12 months. This figure is well above the national trend for business insolvencies.
In England and Wales, corporate insolvencies rose by 4.2 per cent between July and September, totalling 2,890 businesses. But the number of London companies entering into insolvency remained stable, falling by just 1 per cent compared to the same period last year.
Mike Jervis, partner at the Business Recovery Services practice at PricewaterhouseCoopers, said: 'Businesses in London are continuing to perform well against a national backdrop of rising corporate insolvencies, owing to London's strong service economy and its diversified outlook.
'The one area of concern is retail, where national insolvencies have increased by more than a fifth over the past 12 months. London's retailers need to ensure that they identify any warning signs of problems quickly and take immediate steps to resolve any distress as soon as possible.'
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