Number of firm failures rises by almost a third

THE number of companies collapsing into administration jumped by nearly a third last month, official figures have shown, as fears mount that cost pressures from the Iran war could push more firms to the brink.

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The Insolvency Service said company administrations rose 30% year-on-year in February to 146, maintaining high levels seen in January when 152 firms called in administrators.

Overall, company insolvencies across the board were 7% higher when compared with January, at 1,878, but were 7% lower on an annual basis.