The number of businesses going bust in England and Wales jumped last month to its highest level since the start of the pandemic, as experts predicted that the end of government support for indebted firms would lead to a surge in insolvencies next year.
Some of the energy industry’s newest suppliers were among the 1,446 companies to go under in September – a 7.2% increase on the previous month.
Utility Point, People’s Energy, PfP Energy and MoneyPlus Energy ceased trading during the month, and a string of energy companies have subsequently gone bust amid record energy market prices.
The chilled food delivery business EVCL Chill, based in Alfreton, Derbyshire, collapsed into administration, in part as a result of the HGV driver shortage.
The Insolvency Service said the increase in September meant the number of insolvencies was up 56% compared with September 2020’s figure of 928.
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