Administration List has revealed that 33 per cent of insolvencies recorded in the company’s data in February 2020 were in the retail sector.

Of the 311 businesses listed, 104 of them were in retail. Construction was the second hardest-hit sector with 93 insolvencies recorded.

Report of companies listed with Administration List as having appointed administrators or liquidators during February 2020. Data from www.administrationlist.co.uk

There is no doubt that UK and global businesses will be hit hard by the COVID-19 pandemic – the important questions to consider now are how hard and for how long.
Small businesses are on the frontline; especially those in the entertainment and hospitality sectors. But bigger enterprises are already following. As of 19th March we’ve seen Laura Ashley and Carphone Warehouse both reference the pandemic as a cause of their downfall.

We know our subscribers are already better than most at seeing opportunity in times of distress. But this is unknown territory for us all.

What we can do as a company is provide clear data to monitor what’s happening. This is the first of what will be a monthly update release containing information on the numbers of companies that are falling, looking at the how different sectors are being affected.

For February we saw more liquidations than administrations.

Report of companies listed with Administration List as having appointed administrators or liquidators during February 2020. Data from www.administrationlist.co.uk

Comment:

Stephen Ideh, Director of Administration List, commented:

“Businesses in the UK are looking at an uncertain future. We’ve quite simply never faced this scenario in modern times.

“It’s highly likely a recession is on the horizon. But disruption itself is nothing new. For some in the business community, that means battening down the hatches. For others, this will be a time of opportunity.

“February’s data shows us a continuation of the struggle faced by the UK high street in recent months and even years. Our predictions are that other sectors, particularly hospitality, will start to reflect their own struggles in the coming months.”

Note to editors:

The full data can be found here. Contact and names are visible only for subscribers.
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About Administration List

Founded in 2017, Administration List provides information to its subscribers on distressed businesses in the UK.

Subscribers have access to data including details of administrations and liquidations, administrator contact details and the company’s financial records all in one place.