The firm’s study of notices in the London Gazette shows that a total of 302 companies went into administration between April and June 2018, compared with 347 in the previous quarter - a fall of 13%. However, this number marked a modest increase on the 297 administrations seen during the same period in 2017.

Blair Nimmo, head of restructuring for KPMG in the UK, said: ‘The drop in the number of administrations may come as a surprise to many who have followed the tribulations of certain well-known high street brands. Nevertheless, when put in the context of year-on-year trends, the latest stats still represent relatively normal attrition rates.’

Nimmo pointed out that companies in the casual dining and retail spaces are facing changing consumer attitudes towards spending, coupled with increased costs as a result of the living wage and business rates pressures, while pressures in the construction sector are hitting smaller contractors in the supply chain.

‘However, we’re also seeing new sectors start to come under more acute pressure - for instance, high street estate agents are presently facing an unprecedented set of challenges.

The rise of online-only agencies has combined with falling house prices, a general slowdown in sale activity and a raft of legislative changes, all of which have generated headwinds for your average high street agent. I would therefore not be surprised to see operators across this sector struggle over the second half of the year and beyond,’ he said.

Report by Pat Sweet