The number of business failures has jumped by 28% in the past quarter, according to new figures.

The figures, from information group Experian, show that 16,591 business failed in the year up to September and 6,000 businesses ceased trading in the last quarter.

Estate agents, banking and financial services firms and media agencies were among the firms most affected by the downturn.

Carl Jackson, head of business recovery at accountants Tenon, told the Daily Telegraph: “If it’s a hostile appointment it is more appropriate to use receivership than administration. Banks are now taking a much more proactive role in managing their under-performing loan book.”