Analysis sees insolvency numbers decline

New analysis by PwC has found that the number of insolvencies across the region have fallen since the start of the year.

The firm’s study of ONS data shows a 5.2% drop in the number of Midlands insolvencies compared to the same period in 2023.

The number of UK insolvencies in March 2024 declined by 17% compared to the same month last year.

However, this decrease has had a “marginal impact” on the overall number of insolvencies for the first quarter of the year, when there were 5,759 total insolvencies compared to 5,747 in the first quarter of 2023.

Eddie Williams, deals partner at PwC, said: “While this is a modest change, there is reason for cautious optimism in the market as the economy begins to stabilise.

“That said, businesses are still facing cost challenges and supply chains remain squeezed.”