The number of firms going bust in the West Midlands has fallen significantly – in a quarter that saw a series of major high street collapses.
In total there were 326 insolvencies in the first three months of 2013 in the West Midlands, down from 405 in the fourth quarter of 2012 and 489 in the first quarter of 2012.
This fall reflects overall national figures, which saw 3,285 insolvencies in the first three months of 2013, down from 3,657 in the fourth quarter of 2012 and 4,412 in the first quarter of the year.
Regionally, construction firms suffered the most collapses in the first quarter of this year, at 66, followed by hotel and leisure firms at 39 and business services, at 28.
The West Midlands saw a 33.3 per cent drop in insolvencies compared to the first quarter of 2012, the second biggest change of all the UK regions after the East Midlands, which recorded a 34 per cent fall.
Matthew Hammond, partner and business recovery specialist at PwC in the Midlands, said: “The challenge now is for the survivors to work out how to grow in what remains a stagnant UK environment.”