In May 2024, the number of registered company insolvencies in England and Wales was 2,006, 6.4% lower than in April 2024.

The worst hit sector was construction, accounting for 18% of company collapses, with 4,401 insolvencies in the 12 months to April 2024, reaching a total of 4,401.

There is also a stark reminder that business stability has not returned to pre-pandemic levels.

Company insolvency numbers remained much higher than levels seen between 2014 and 2019.

While construction faces multiple challenges, the next worst sector was wholesale and retail trade with 3,906 insolvencies, followed by hospitality with 3,821 and administration and support activities at 2,402.