15pc fall in company insolvencies

The fall brought the overall rate of insolvencies down from 0.11 per cent to 0.1 per cent.

Managing director of pH, an Experian company, Rolf Hickmann said: "Small businesses have far more flexibility than any other business type.

"For larger business, there is the security that comes with size and a well-established structure, so insolvency rates among these business types are also low.

"However, mid-sized businesses, which are seeing the highest rates of insolvencies, are too large to be flexible and too small to rely on a strong and established structure."

The North-East suffered from the highest rate of insolvencies, with 0.15 per cent of businesses in the region failing during the month. However, it also had one of the biggest improvements in insolvency levels.

London had the highest number of insolvencies by number, with 452 companies going under in February, up from 428 12 months earlier, followed by the North-West at 245, while Wales had the lowest level at just 45.