And further concern is growing after credit insurance group Euler Hermes predicts that insolvencies are set to increase even more.
The report showed that insolvencies rose 7.7% to 50,500 from the previous year with the main contributors to the rise being sole traders.
In the sole trader sector, insolvencies rose by 19% last year and accounted for almost two-thirds of the annual total.
Services, transport-communications and wholesale trading were the sectors hardest hit. Retailing and agriculture saw the biggest improvements.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies