Insolvencies in the West Midlands have dropped slightly according to figures released by a credit ratings agency.
The Experian Business Insolvency Index revealed that 135 businesses in the region failed during August - compared to 154 during the same month in the previous year. That is 0.8 per cent of firms ceasing to trade compared to 0.10 per cent the year before.
It is the 12th consecutive month that the rate has remained stable or fallen.
Max Firth, managing director, Experian Business Information Services, said: “We haven’t seen such a prolonged period of stability and improvement in insolvencies for a while and the figures signal an increasingly robust business population, which bodes well for growth.”
Nationally, the biggest falls in insolvency rates were among companies with 51-100 employees, down from 0.19 per cent to 0.14 per cent.
Larger businesses didn’t fare as well, having experienced increasing insolvencies last month, this month the insolvency rate among companies with more than 501 employees rose again in August from 0.06 per cent in 2012 to 0.17 per cent this year.
Of the UK’s largest five employment sectors, the building and construction industry again saw a year-on-year fall in insolvencies - from 0.17 per cent to 0.12 per cent - the 10th month in a row this sector has fallen compared to the previous year. The insurance industry also fared particularly well, with insolvencies down from 0.15 per cent in August 2012 to 0.03 per cent in August this year.