Nearly 45,000 UK retailers in financial distress this Christmas

Snow and consumer spending squeeze affect number of shoppers on high street, while Toys R Us may enter administration

Nearly 45,000 retailers are in financial distress this Christmas as a snowy weekend and the squeeze on consumer spending power hit sales after the Black Friday rush.

While Toys R Us faces potential administration on Thursday if a deal cannot be struck with the pensions lifeboat, there has been a 22% increase in the number of retailers, nearly 8,000 more, facing "significant financial distress", according to a survey by the insolvency advisory company Begbies Traynor.