This meant the insolvency rate for companies with 500 plus employees went from 0.20 per cent to 0.08 per cent, bringing it back in line with the UK average after several increases over the summer months.
The year-on-year business insolvency rate for the UK remained stable in October 2013 at 0.08 per cent, bringing the fourteenth month since insolvency rates last rose.
October also saw a positive outcome for the Building & Construction industry, with a year-on-year fall in insolvency rates from 0.15 per cent in 2012 to 0.14 per cent in 2013. This means that insolvencies within Building & Construction have fallen year-on-year for 12 consecutive months.
Yorkshire performed well with the largest fall of all the regions from 0.14 per cent in October 2012 to 0.11 per cent.
Although the North East has the highest rate of all the regions, it has seen some improvement since last year with a decrease from 0.13 per cent in October 2012 to 0.12 per cent in October 2013.
Max Firth, Managing Director, Experian Business Information Services, UK&I said: “The positive trends from October are coming from some of the UK’s largest sectors and biggest firms which is a good indicator of things to come. We are seeing a greater level of confidence among businesses than this time last year which in turn may lead to expansion and growth. Although this can bring increased risk exposure, getting an in-depth picture of the financial health of potential clients will help business make the best decisions and identify the best opportunities.”