The number of businesses collapsing into administration has surged by more than 40% in January as a raft of well-known names on the high street hit the wall.
Official figures from the Insolvency Service showed the number of company administrations jumped by 41% to 151 between December and January, and was also 14% higher than a year earlier.
It comes amid a swathe of recent retail and hospitality administrations since the start of the year, affecting thousands of jobs, including American-inspired restaurant chain TGI Fridays, accessories retailer Claire’s, The Original Factory Shop, Quiz, footwear brand Russell and Bromley and Revolution Bars owner The Revel Collective.
TGI Fridays was sold in a pre-pack deal after falling into…