The number of administrations in the retail sector dropped by 35% in 2014, according to the latest figures.

The figures, released by business advisory firm Deloitte, show that there were 119 administrations in the retail sector in 2014, compared with 183 in 2013.

The total number of administrations across all industries was 1,302 in 2014 - a 20% reduction from 2013.

The only sectors that saw an increase in administrations were IT, with a 14% increase, and financial services, with a 2.5% increase.

Lee Manning, restructuring services partner at Deloitte, said: “After a few turbulent years, we saw fewer casualties in the retail sector in 2014. As the economic situation improved, consumer confidence increased and the retail industry benefited.

“Although the overall trend for the sector is positive, there will always be individual retail insolvency cases, as with the clothing chain Bank Fashion this week.

“While the retail sector has seen the strongest improvement this year, with a 35% reduction in administrations, it is also encouraging to see the hospitality and leisure industry not far behind, with a 34% decrease on 2013.”

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