These sectors alone collectively accounted for 59% of the 1,641 administrations last year. 

This is a 22% increase compared to 2022 and 91% rise in comparison to 2021.

Regionally, Greater London led the way with 22% of the filings, followed by the Northwest (14%) and South East (12%).

While January (76) was the quietest month, administration numbers leapt to 177 in October – the most recorded for 43 months (185 in March 2020).

With administrations nearing pre-Covid levels (1,794), an insolvency and restructuring expert has warned that sustained difficult trading periods combined with rising geopolitical tensions means we could see more businesses failing throughout 2024.

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Andy Taylor, partner and head of restructuring at Shakespeare Martineau, said: “The significant uptick in the number of companies filing for administration in 2023 underscores the challenges faced by businesses amid changing consumer habits, financial pressures, and geopolitical uncertainties.

“The cost of money, marked by high interest rates throughout 2023, exacerbates financial strains on businesses with models that thrived in a sub-2% interest rate environment.

“Organisations can only bear that pressure for so long before its sustained impact starts to wash through and they begin running out of cash.

“The global stage, marked by geopolitical tensions in Russia-Ukraine and Israel-Gaza, contributes to economic uncertainty and suppressed growth.

“Businesses reliant on imports also faced increased outlays, as shipping companies opt to avoid the dangers of the Suez Canal and seek to pass on the extra costs of transport to customers.”