Against a chill wind of growing cost pressures, interest rate increases and sluggish consumer spending, 22,109 British businesses went under in 2022 – and Gloucestershire didn't escape the trend.

According to the Insolvency Service, that's the highest number since 2009, marking a 57 per cent rise on 2021. In Gloucestershire and nationally, hospitality, construction and retail have been bearing the brunt. Prominent casualties here for 2022 included plumbing, IT, wholesale food, building and hotels.

Cheltenham's Doubletree by Hilton attributed its fall in May 2022 to on Russian banks, including state-owned Otkritie, while Covid-19 has also cast a shadow: internet installation experts Complete Utilities, a major county firm, recently ceased trading with the loss of 300 jobs, citing the pandemic as a crucial factor.

And as the bookends to a tough 2022, Midas Group gave notice of intention to liquidate in January when the firm was half way through building student accommodation at Hartpury University and Hartpury College in Gloucester, while in November, Staverton-based High-Tech Windows folded, leaving many existing customers thousands of pounds out of pocket.

Looking at 2023, budget-breaking energy prices and record interest rate rises continue to spell a profit for liquidators. Little surprise, then, that Begbies Traynor has just reiterated its annual forecasts, noting an 'encouraging level' of new insolvency work.

Recent harvests for the Manchester-based operation include its appointment as administrator for retailer Paperchase. Along with all of the brand's stores, Paperchase's St Ann's Way store in Gloucester will soon close its doors.

Analysts expect Begbies Traynor to make between £117.7million and £124.4million in turnover, with adjusted pre-tax earnings of £19.7million to £20.6million for the current financial year.

Ric Traynor, chief executive, said: "We have continues to perform well across the group, and our outlook for the full year remains unchanged. This will extend our strong financial track record of growth through a combination of organic and acquisitive investment."

Having seen revenue rise by 12 per cent and pre-tax profits nearly double in the six months ending October, the firm said demand had been strong in the ensuing three months.