The number of companies entering administration in England and Wales rose by nearly 5% to more than 1,400 last year, according to accountancy firm KPMG. Construction and retail sectors were particularly hard hit amid Brexit uncertainty and economic turmoil.
KPMG's study of official insolvency notices in the London Gazette shows 1,403 firms went into administration in 2019, up from 1,341 in 2018. The third quarter saw a spike with 420 administrations, including fashion brands Jack Wills and Karen Millen, and travel firms Late Rooms and Super Break.
In the building and construction industry, there were 254 administrations, compared with 216 in 2018, including Cheshire-based Pochin's. The real estate sector also suffered, with 69 administrations, up from 53, including Bolton's Harewood Associates.
Blair Nimmo, head of restructuring at KPMG UK, said 2019 was marked by political and economic uncertainty, fragile consumer confidence, and rising costs. He noted that the December election result had brought some certainty, but warned that challenges remain for many businesses.
High-profile cases in the final quarter included Clintons, Toto Energy, and Bonmarché. Last week, KPMG was appointed administrator to department store chain Beales, threatening 1,300 jobs.
