Retail accounted for 19% of 2023 UK administrations, study finds
While January (76) was the quietest month, administration numbers leapt to 177 in October – the most recorded for 43 months (185 in March 2020)
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The retail sector accounted for 19% of administrations in 2023 – the highest industry in the UK, according to analysis by full-service law firm Shakespeare Martineau.
A total of 1,641 businesses, 239 of which came from the retail sector, filed for administration last year – marking a 22% increase compared to 2022 and 91% rise in comparison to 2021.
Retail, construction, hospitality, manufacturing, and real estate were the worst-hit sectors, collectively accounting for 59% of the administrations.
Regionally, Greater London led the way with 22% of the filings, followed by the North West (14%) and South East (12%), data from The Gazette Official Public Record has revealed.
While January (76) was the quietest month, administration numbers leapt to 177 in October – the most recorded for 43 months (185 in March 2020).
Andy Taylor, partner and head of restructuring at Shakespeare Martineau, said: “The significant uptick in the number of companies filing for administration in 2023 underscores the challenges faced by businesses amid changing consumer habits, financial pressures, and geopolitical uncertainties.
“In the labyrinth of economic complexities, the retail sector in particular is bearing the brunt, noted by the collapse of major player Wilko.”
