Getty ImagesMore than 25,000 company insolvencies were registered in 2023, the highest number since 1993, as firms struggled with rising costs and interest rates.
Companies faced higher energy bills, while consumer spending was squeezed by the cost of living crisis.
The new figures show one in 186 active firms went bust in 2023.
Scotland and Northern Ireland recorded the highest numbers of company insolvencies last year since 2012 and 2019 respectively, although the nations have different bankruptcy laws to England and Wales.
Julie Palmer, partner at insolvency specialist Begbies Traynor, said thousands of businesses had gone bust because of a “perfect storm for financial distress”.
This included “interest rates at levels we haven’t seen…
