The number of retailers going insolvent increased by 9% year on year in 2018, new research has found.
Figures from the Insolvency Service have shown that 1,211 retailers collapsed in the year to 31 December 2018.
Karen Hendy, partner and joint head of the retail group at law firm RPC, said Brexit may cause more insolvencies in the retail market: “The retail landscape could get worse before it gets better. A poorly handled Brexit may see even more high-profile casualties in the sector.
“Unfortunately, there seems to be very little good news on the horizon for retailers. The National Minimum Wage will rise another 4.9% in April, and Brexit is a drag on consumer confidence.”