The number of retailers collapsing has hit a five year-high, according to latest figures.

With shoppers cutting back their spending amid the cost-of-living crisis, insolvencies were up 19% to 2,195 for the year to January 31, compared to 1,843 for the previous year, according to figures from Mazars.

It's not just bricks and mortar shops being hit, as the accountancy firm reported an 18% increase in ecommerce insolvencies - from 521 to 615, as reported by Retail Gazette.

And the firm said things are unlikely to improve until interest rates fall, with the rise in National Living Wage and an increase in business rates piling further pressure on the sector.

The figures were boosted by the collapse of Wilko last autumn, with 400 stores closing and just over a quarter being rescued by rivals. Poundland took on 71 leases and B&M snapped up 51 stores.