THE November 2017 interest rise from 0.25 per cent to 0.5 per cent could have been the final straw that broke the camel’s back for many struggling UK businesses.

That’s according to business advisory and corporate recovery firm Quantuma, which has offices in Frederick Place, Brighton.

Managing partner Carl Jackson, pictured, said the latest insolvency figures reflected how the slightest movement in interest rates, coupled with the fragility of business confidence, could have a major effect.

In the first quarter of 2018, company insolvencies rose to the highest level since the first quarter of 2014.

This was principally caused by a rise in underlying creditors’ voluntary liquidations and compulsory liquidations.

Carl Jackson said: “At a time when the UK economy is generally in a good place, with strong employment, these figures reflect a shake out of companies that have been struggling for some time.

“The brutal fact is that for many of these companies, their time had simply come.”