The number of insolvencies was comparable to pre-covid when there were 1,726 in January 2019.

However, there have been two consecutive months of drops in insolvency figures, falling from 2,005 last December and 2,470 in November.

Once again, the construction industry led the way with 364 insolvencies, which was no surprise as GDP figures for the sector were also declining.

With the UK entering recession, companies were dealing with tough trading throughout January.