Despite the growing optimism surrounding the economy as the UK nears its first interest rate cut in around four years, it hasn't been plain sailing for everyone.
In April some 2,177 companies declared insolvency, marking an 18% jump compared to the 1,838 in March, highlighting the effect of interest rates being held at a 16-year-high.
David Hudson, restructuring advisory partner at FRP, said: "Last week’s GDP figures suggests that the UK economy is finally emerging from its lengthy post-Covid hangover.
"But while there is optimism this growth can be sustained, the coming months will continue to be turbulent with more businesses faltering as they weather the legacy of high interest rates, input costs and wage growth.
"Indeed, while we anticipate monthly fluctuations as insolvency levels settle, our own data suggests the profile of firms going into administration is increasingly that of larger employers which will ultimately have a more pronounced effect on supply chains and the labour market."