Retail insolvencies in England & Wales jump by 10.3%Follow @PwC_NI
Retail insolvencies in England and Wales jumped by 10.3% in the second quarter of 2012, as compared to the three months to June 2011.
However, while overall company failures fell in the second quarter by around 11%, year on year, the retail trade was hard hit by a combination of poor consumer demand and exceptionally poor weather.
Other badly affected sectors included construction, manufacturing and hospitality & leisure.
The figures relate to England and Wales only. Comparable Northern Ireland and Scottish insolvency figures have not yet been published.
Commenting on the GB figures, Mike Jervis, PwC business recovery partner and retail specialist, said:
"There has been a clear reduction in the incidence of insolvencies over the current recession compared to previous ones, but retail is the sector which keeps bucking this trend.
“In fact, quarter on quarter, retail insolvencies have increased for every one of the last 4 quarters.
“Other sectors which were showing this trend, such as construction and hospitality and leisure, have had fewer insolvencies during the second quarter of 2012 than the same period last year.
“The high street environment continues to be challenging and Quarter 2 saw Clintons, Game and Julian Graves go into administration.”
PwC's analysis shows that London continues to have the highest number of insolvencies with 887, but this represents a 9% fall as compared to the same quarter in 2011 (980 companies).
Email: John Compton
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