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Leisure and hotel insolvencies stay high
The number of businesses going into insolvency has gone up, despite a national drop in insolvencies.
According to the latest Insolvency Index from Experian, May saw insolvencies fall to the lowest level since January this year.
The report also reveals an 18 per cent fall in the total number of business insolvencies during May compared to April, bringing the rate of insolvencies down to 0.08 per cent from 0.10 per cent in April.
It also marks an improvement compared to May 2009 when the rate was 0.10 per cent.
However, in the ‘leisure and hotels’ sector there were 123 insolvencies this May, compared to 121 in May 2009.
To take the UK as a whole, 1,491 businesses became insolvent in May compared with 2,023 a year ago.