Begbies Traynor, the corporate insolvency specialist, expects the number of businesses going bust to continue rising this year.

The company, which put out a profits warning in December, said its financial year to April 30 had been a tale of two halves – very quiet to start, but picking up quickly after November. Ric Traynor, executive chairman, described the second half as “very, very strong ... and the momentum is carrying us forward”.