The number of retailers going into administration rose by 6% to 125 in 2018.
Research from Deloitte showed that the number of large businesses going under has also increased. Overall 26 large brands closed down during the year. House of Fraser, HMV and Toys R Us were among those that entered administration.
Commenting on the figures, Dan Butters, partner and head of restructuring services at Deloitte, noted that company voluntary arrangements (CVAs) were also on the rise: “Notwithstanding the increase in overall retail insolvencies, we have seen a significant increase in large retail insolvencies and CVAs in the last 12 months.
“Consumer confidence fell in the third quarter of 2018, which, combined with inflation-driven pressure on disposable incomes, has contributed to 12 consecutive months of declining footfall.
“The rapid decline in the performance of the high street has driven bricks-and-mortar retailers to increase their levels of discounting to counter this.”