// 451 stores went into administration in first quarter of 2019 when compared to the same period 2018
// Administration since the start of 2019 has climbed to the highest level in 5 years
// Administrations increased 26.8% year-on-year
A total of 451 stores have gone into administration in the first quarter of this year when compared to the same period in 2018, new research has found.
The Insolvency Service reported that the number of businesses collapsing into administration since the start of 2019 has climbed to the highest level in five years.
The administrations represent a 26.8 per cent year-on-year increase compared with the same period in 2018, and 21.8 per cent higher than in the last quarter of 2018.
During the first quarter, 93 businesses took out a CVA, which represents a 43.1 per cent increase on the final quarter of 2018.
But when compared with the same period in 2018, CVAs were down by 8.8 per cent.
Retailers have continually been affected by rising costs and a shift in consumer behaviour.
Some of the high profile administration to have taken place this year so far include Debenhams, LK Bennett, Pretty Green, HMV, and Hardy Amies.