After a tough few months for retail, which has seen many big names close stores or even disappear off our high streets altogether, insolvencies on the high street are up by 60 per cent.

According to Creditsafe's quarterly Watchdog Report, the second quarter of 2018 saw a total of 416 retail insolvencies, compared to 261 a year earlier, as reported by Retail Gazette.

The increasing number of casualties was down to an increase in bad debt owed to the retail sector of 2464.5 per cent over the last quarter, rising from just £2.1 million to £53.6 million.

While the rising job losses and empty shops across Britain are a real cause for concern, Creditsafe also recorded a 40.3 per cent increase in new companies created during the same period, taking the total to 11,475.

Punchline said: "2018 has been a tough year for retail and this news comes as no surprise at all. While it's good to see that there are still those who are willing to take the plunge and start a new business, with the ongoing pressure from online retailers, particularly Amazon, our high streets will continue to struggle. We've said it before and we will say it again - use your high streets or lose them."