Segro said its first-quarter lettings had risen year-on-year, but the number of inquiries it received from prospective customers had dropped and it warned of a rise in tenant insolvencies in the first quarter of the year.

In a trading statement, the company said that occupiers handed back the keys to 11 properties during the quarter, resulting in a £900,000 fall in annual rental income.

The company said a further £3.6m of rent was at risk due to 30 customers either in administration or going through liquidation. That business represents 2% of total rental income.

The Times, Daily Telegraph