March 2024 saw a 17 per cent reduction in all company insolvencies compared with February, however, these numbers remain significantly higher than those during the covid-19 pandemic.

Oliver Collinge, director at restructuring and insolvency firm PKF Littlejohn, acknowledges the decrease but highlights the current high corporate failure rate, citing recent woes of Body Shop and Ted Baker as examples of ongoing economic uncertainty and vulnerability facing businesses.

He said: “Whilst high profile casualties tend to grab the headlines, it is worth considering how the climate of economic uncertainty affects SMEs, which make up 99 per cent of all UK businesses.”

He also stressed the importance of businesses acting early and seeking advice if struggling, stating: “The earlier they act, the more options they will have to secure the long-term survival of their business.

“This is crucial to enable SMEs, which are at the core of the UK economy, to survive and thrive.”