The new data reveals that 1.04% of businesses failed in 2012, compared with 1.10% in 2011.
It seems that the last 12 months have been kind to small businesses, as the only major increase in insolvencies was seen in businesses with over 500 employees. These larges companies saw the rate of insolvency rise to 1.61%.
The figures for smaller businesses are encouraging, as they show a vast improvement over those recorded during the height of the recession.
Max Firth, Managing Director, Experian Business Information Services, UK&I said “The rate of insolvencies is significantly lower now than when it was at its peak in 2009 at 1.25%, but there is still a way to go before we reach the pre-recession rate of 2007, which stood at 0.97%.”