The number of companies entering administration in England and Wales rose by nearly 5% to more than 1,400 in 2019, according to accountancy firm KPMG. The 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 found that 1,403 firms went into administration last year, 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.
The building and construction industry recorded 254 administrations, compared to 216 in 2018, while the real estate sector saw 69 administrations, up from 53. High-profile cases included greetings card retailer Clintons, Toto Energy, and women's fashion retailer Bonmarché.
Blair Nimmo, head of restructuring at KPMG UK, said 2019 was marked by profound political and economic uncertainty, fragile consumer confidence, and rising costs. However, he noted that the December election result had brought some certainty, and business confidence appeared to have responded positively.
