The number of insolvencies among UK businesses fell 10 per cent in January compared to the same month in 2010.
Some 1,266 businesses failed in the first month of the year, or 0.07 per cent of the UK’s business community, down from 1,426 in January last year, according to the Insolvency Index from information services provider Experian.
Yorkshire saw the biggest drop in the rate of insolvencies, from 0.14 per cent in 2010, to 0.06 per cent in January this year.
Wales and the North West were the only two regions where the number of business insolvencies rose year-on-year. The North West had the highest insolvency rate in January with 0.11 per cent of its business population failing.
Max Firth, managing director of Experian pH, observes that business failure rates are falling steadily.
‘Our data also shows that the post-recession business population is beginning to increase once again, with the net number of firms trading up by 1 per cent when compared with last January,’ he adds.
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