Barnet saw a surge in company closures during the first three months of this year, according to a new report.

The figures were released by company formation agent Duport in a business confidence report that shows there was a “significant increase” in companies closing down. 

Duport’s findings show that 215 companies were dissolved during the first quarter, 21 per cent more than the same period last year.

This puts the rate of closures well ahead of the UK as a whole, which stood at six per cent during the quarter.

But during the January to March period, Barnet saw an all-time high in company registrations and a 20 per cent rise on the same period in 2013. managing director Peter Valaitis said: “The rise in company closures in Barnet may appear alarming, but when taken in the context of 2013 being a record year for formations, it’s not such a surprise.

“It follows that a higher than average number of company formations will lead to a higher number of closures, as not all start-ups make it past their first year of trading.”