Sarah O’Toole, Restructuring Partner at PwC UK, said;
“February's insolvency figures of 2,102 showed a material increase on January’s 1,769 and are 17% higher than those of February 2023 (1,801). This uptick was anticipated, as is usually the trend following January’s results. This is often due to the performance of many businesses during the holiday season, the results of which won’t have completely filtered through in January. However, if the trend continues to follow that of previous years, we would expect to see a more pronounced increase in March, where some of the highest monthly figures have appeared over the last five years.
“The outlook for businesses remains uncertain and although smaller companies have been more impacted to date, higher interest rates, persistent supply chain disruptions, and the cautious stance taken by lenders when assessing underlying risk, continue to pose significant challenges that larger corporations are also now having to face up to.”
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