A large number of UK retailers could go bust in the new year, according to the country’s largest corporate insolvency specialist.

Begbies Traynor said banks were likely to support retailers until the Christmas period but a spate of insolvencies was likely to follow in the new year.

The insolvency specialist has 323 UK retailers on its “critical watch list”, which it defines as having a 70% chance or more of failing.

Begbies expected banks to grant retailers a “banking honeymoon” until the end of the year, in spite of evidence that credit insurance issuers were withdrawing cover to some suppliers.

Financial Times