The figures show that the numbers have fallen 14% since Q2 however, the numbers are still 15% higher than before the pandemic with Q3 2019 reporting the figure as 488,934.

There has also been a 17% rise in critically distressed businesses in the past quarter with 1,431 in Q2 and 1,668 in Q3.

The research by the business rescue and recovery specialist also shows that there has been a 139% increase in county court judgments (CCJs) in the last year.

The data classifies a business in significant financial distress as those with county court judgment orders of less than £5,000 and critical distress is classified as orders over £5,000.

There were 21,769 county court judgments lodged against businesses in Q3 2021 which is a significant rise from 9,101 reported in 2020. The data shows that there was also an increase of 51% between Q2 and Q3.