Company insolvencies hit 13-year high in England and Wales

ONS says soaring energy costs and supply chain problems forced 5,629 firms to go bust in second quarter

The number of company insolvencies in England and Wales hit a 13-year high in the three months to the end of June, as soaring energy costs forced a record number of firms out of business, according to official figures.

There were 5,629 insolvencies in the second quarter, the highest since the third quarter of 2009 when the UK was in the grip of the global financial crisis, the Office for National Statistics (ONS) said.