Published 20th Apr 2023, 16:45 BST

Analysis of notices in The Gazette by Interpath Advisory revealed that a total of 45 companies based in Yorkshire and the North East fell into administration in quarter one of 2023 – up from 32 companies in the first quarter of 2022, and representing a 41 per cent increase on last year.

This mirrors the UK picture which saw a total of 285 companies fall into administration in quarter one of 2023, a 16 per cent increase on last year, and the highest quarter one total insolvencies since pre-pandemic levels in 2020.

James Clark, managing director in Interpath’s Yorkshire team, said: “It has been an extremely challenging few years for UK businesses trying to navigate rising inflation and interest rates, political turbulence and changes in consumer confidence, all following a global pandemic.

The number of companies filing for administration across Yorkshire and the North East has jumped by 41 per cent.

"Yet in spite of these disruptive economic conditions, we have seen relatively low levels of insolvencies over the last three years, proving many British businesses to be remarkably resilient.”

The rising number of UK insolvencies in the first quarter of 2023 can be seen across a wide range of sectors, with building and construction, manufacturing and retail experiencing the highest number of appointments.

Another sector facing increasing pressures is the food and drink industry, where insolvency appointments have doubled on last year, with 16 appointments in quarter one of 2023 compared to 8 appointments in the first quarter of 2022.

Number of businesses filing for administration across Yorkshire and North East rises by 41%