The retail sector’s CVAs decreased 24% year on year from 38 to 29 in 2019. There was a 38% decrease in large multi-site retailers choosing the restructuring method from 13 to eight, research from Deloitte showed.

The number of retailers opting for an administration process decreased from 125 in 2018 to 124 in 2019. However, in December, there was an increase with 11 in December 2019 compared to seven in December the previous year.

Deloitte partner and head of restructuring services Dan Butters said: “2019 has proven to be another challenging year for retailers. While the number of retail administrations has remained broadly flat on 2018, we have seen an increase in the number of large retailers entering into administration this year.”