The retail sector accounted for 14 per cent of administrations in 2024, the highest sector in the UK, according to analysis by law firm Shakespeare Martineau.
A total of 1,718 businesses, 237 of which came from the retail sector, filed for administration – marking a 28 per cent and 5 per cent increase compared to 2022 and 2023 respectively.
Retail, construction, hospitality, manufacturing and real estate were the worst-hit sectors for the second year in a row, collectively accounting for 55 per cent of the 1,718 administrations.
Regionally, Greater London led the way with 23 per cent of the filings, followed by the North West (14 per cent) and the South East (11 per cent), data from The Gazette Official Public Record has revealed.
With administrations approaching pre-Covid levels (1,794), an insolvency and restructuring expert has warned that ongoing tough trading conditions, rising geopolitical tensions and new tax burdens could tip even more businesses into financial distress.
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