UK Insolvency Intelligence
May 2026
2,032 total appointments in May 2026, up 2% year-on-year - the second consecutive month of positive year-on-year growth. Admin/CVA appointments held at 133, sustaining the 2026 upward trend. Notable insolvencies include Exertis UK (£1.43bn turnover), Franco Manca CVA, and Leon Restaurants CVA. FRP Advisory retains top SPK Index position.
Simon Carter, CCO
Insolvency Intelligence
2,032
Total Appointments
+2% vs May 2025
133
Admin / CVA
+23 vs May 2025
299
MVL
+32 vs May 2025
1,600
CVL / Other
-9 vs May 2025
Executive Summary
UK insolvency activity continued its positive year-on-year trajectory in May 2026, with 2,032 total appointments recorded - an increase of 46 (+2%) against May 2025's 1,986. This represents the second consecutive month of year-on-year growth following April's return to positive territory, though the cumulative 2026 position remains behind 2025 at 12,442 versus 13,097 (-655, -5%).
Administration and CVA appointments held firm at 133 in May 2026, up 23 on May 2025's 110, continuing the sustained upward trend that has characterised the 2026 series. On a cumulative basis (January-May), Admin/CVA appointments total 697, running +65 ahead of the same period in 2025 (632), a +10% uplift in complex insolvency activity year-on-year. This elevation in Admin/CVA volume reflects ongoing pressure in leveraged and consumer-facing businesses.
MVLs rose to 299, up 32 on May 2025, while CVL and other appointments were broadly flat at 1,600 (-9). High-profile May appointments spanned the consumer food sector (Franco Manca CVA, Leon Restaurants CVA), distribution (Exertis UK, £1.43bn turnover), online retail (BrandAlley, £92.5m), and EV technology (E-Cars Group, £278.4m). PwC led a cluster of Yorkshire/Humber administrations including Airsprung Group.
| Type | May 2025 | May 2026 | Mvmt | 2025 YTD | 2026 YTD | YTD Mvmt |
|---|---|---|---|---|---|---|
| Admin / CVA | 110 | 133 | +23 | 632 | 697 | +65 |
| MVL | 267 | 299 | +32 | 4,167 | 3,871 | -296 |
| CVL / Other | 1,609 | 1,600 | -9 | 8,298 | 7,874 | -424 |
| Total | 1,986 | 2,032 | +46 | 13,097 | 12,442 | -655 |
Excludes Official Receiver and subsidiary appointments. YTD = January to May cumulative.
- FRP Advisory leads SPK Index at 1,366 points - 113 total appointments including 21 Admin/CVA, up 9 on May 2025. Dominant in London (4,124 regional SPK points) and Yorkshire/Humber (266).
- Begbies Traynor second at 1,297 points with 207 total appointments - the highest appointment volume of any firm in May, including 14 Admin/CVA. Leads South East by appointment count (72) and London (45).
- Admin/CVA cumulative YTD +10% ahead of 2025 pace - 697 in Jan-May 2026 versus 632 in Jan-May 2025. BDO, RSM, Interpath, and KR8 all posted improved Admin/CVA figures versus May 2025.
- Notable CVAs in consumer food: Franco Manca (1,403 staff, £70.1m TO) and Leon Restaurants (1,120 staff, £62.5m TO) - both London-based, highlighting sustained pressure in casual dining. Exertis UK (£1.43bn turnover) the largest administration by revenue.
Sector Breakdown (Non-MVL)
Cumulative year-to-date comparison by sector for January-May 2026 versus January-May 2025 (non-MVL appointments). Real estate, human health, civil engineering, financial services, architecture, manufacturing (metal), and music/TV/film all showed increases in 2026.
| Sector | 2025 YTD | 2026 YTD | Mvmt |
|---|---|---|---|
| Food & beverage services | 1,248 | 1,228 | -20 |
| Specialist construction | 869 | 845 | -24 |
| Retail trade | 747 | 673 | -74 |
| Building construction | 549 | 534 | -15 |
| Office & business support | 445 | 377 | -68 |
| Personal services (other) | 386 | 373 | -13 |
| Wholesale trade | 405 | 337 | -68 |
| IT programming / consulting | 339 | 319 | -20 |
| Real estate | 239 | 259 | +20 |
| Head offices & consultancy | 280 | 257 | -23 |
| Wholesale & retail trade | 228 | 229 | +1 |
| Employment services | 210 | 198 | -12 |
| Land transport & pipelines | 182 | 178 | -4 |
| Human health | 123 | 155 | +32 |
| Prof, scientific & tech | 185 | 145 | -40 |
| Financial services excl ins | 117 | 132 | +15 |
| Architecture & engineering | 116 | 128 | +12 |
| Manufacturing (metal) | 104 | 118 | +14 |
| Sports & recreation | 119 | 116 | -3 |
| Building + Landscape services | 124 | 104 | -20 |
| Education | 92 | 93 | +1 |
| Manufacturing (other) | 98 | 91 | -7 |
| Civil engineering | 69 | 88 | +19 |
| Music / TV / Film production | 72 | 81 | +9 |
Appointments by Firm - Top 25
Ranked by SPK Index score for May 2026. Comparative columns show Admin/CVA appointments only versus May 2025.
| # | SPK | Firm | Total | Admin/CVA | CVL/Other | MVL | May 25 | vs 25 |
|---|---|---|---|---|---|---|---|---|
| 1 | 1,366 | FRP Advisory | 113 | 21 | 80 | 12 | 12 | +9 |
| 2 | 1,297 | Begbies Traynor | 207 | 14 | 173 | 20 | 14 | - |
| 3 | 631 | Quantuma | 64 | 9 | 43 | 12 | 9 | - |
| 4 | 383 | Leonard Curtis | 55 | 7 | 40 | 8 | 7 | - |
| 5 | 260 | Interpath | 21 | 4 | 8 | 9 | 3 | +1 |
| 6 | 249 | SFP | 84 | 2 | 76 | 6 | 1 | +1 |
| 7 | 240 | RSM | 10 | 4 | 2 | 4 | 2 | +2 |
| 8 | 213 | BDO | 16 | 3 | 10 | 3 | - | +3 |
| 9 | 204 | Opus | 29 | 5 | 20 | 4 | 3 | +2 |
| 10 | 175 | Grant Thornton | 16 | 2 | 2 | 12 | 5 | -3 |
| 11 | 174 | PwC | 15 | 1 | 6 | 8 | 1 | - |
| 12 | 171 | KR8 | 4 | 3 | 1 | - | 1 | +2 |
| 13 | 122 | JT Maxwell | 34 | 1 | 33 | - | - | +1 |
| 14 | 118 | Alvarez & Marsal | 1 | 1 | - | - | 2 | -1 |
| 15 | 117 | Parker Andrews | 21 | 2 | 18 | 1 | 1 | +1 |
| 16 | 114 | Forvis Mazars | 7 | 2 | 4 | 1 | 1 | +1 |
| 17 | 114 | Turpin Barker Armstrong | 10 | 2 | 7 | 1 | 1 | +1 |
| 18 | 109 | Kroll | 5 | 2 | 1 | 2 | 4 | -2 |
| 19 | 101 | KRE Corporate Recovery | 9 | 3 | 4 | - | 1 | +2 |
| 20 | 91 | Leading Business Services | 42 | - | 38 | 4 | - | - |
| 21 | 90 | Marshall Peters | 19 | 2 | 17 | - | 4 | -2 |
| 22 | 87 | Antony Batty & Co | 13 | 2 | 8 | 3 | 2 | - |
| 23 | 85 | Dow Schofield Watts | 5 | 2 | 3 | - | - | +2 |
| 24 | 84 | Oury Clark | 5 | 2 | 3 | - | 1 | +1 |
| 25 | 82 | PKF Francis Clark | 3 | 1 | 1 | 2 | - | +1 |
About the SPK Index: The SPK Index is a proprietary algorithm managed by Spark that ranks firms based on a weighted combination of appointment volume, complexity (by company size), and appointment type. A firm with fewer appointments but higher-complexity cases can outrank a firm with higher raw volume. Read the full methodology →
Notable Appointments
Selected high-profile insolvency appointments from May 2026. Financial details from most recently filed accounts at Companies House.
| Company | IP Firm | Type | Region | Turnover | Staff | Lenders |
|---|---|---|---|---|---|---|
| Exertis (UK) Ltd exertis.co.uk | Turpin Barker Armstrong | Admin | North West | £1,432.7m | 1,191 | Aurelius Finance, RBS |
| E-Cars Group Limited | Begbies Traynor / Quantuma | Admin | London | £278.4m | 3 | - |
| BrandAlley UK Limited brandalley.co.uk | BDO | Admin | London | £92.5m | 302 | Metro Bank |
| Franco Manca 2 UK Ltd francomanca.co.uk | Alvarez & Marsal | CVA | London | £70.1m | 1,403 | HSBC |
| Leon Restaurants Limited | Quantuma | CVA | London | £62.5m | 1,120 | - |
| Voltaire Group UK Holdings studygroup.com | BDO | Admin | South East | £31.7m | 365 | HSBC |
| BAEMS Ltd bristolambulance.co.uk | PKF Francis Clark | Admin | South West | £30.0m | 556 | Barclays, Ultimate Finance |
| Airsprung Group PLC | PwC | Admin | Yorkshire/Humber | £25.3m | 276 | Handelsbanken |
| HCRG Medical Services Ltd | RSM | Admin | East Midlands | £12.5m | 163 | - |
| Titchfield Festival Theatre Ltd | FRP Advisory | Admin | South East | £3.2m | - | Unity Trust Bank |
Appointments by Region
Top firms by appointment count in each of the 12 Spark sales regions for May 2026.
01. North East
- Begbies Traynor14
- FRP Advisory11
- RMT6
- Business Rescue Expert5
- Northpoint3
02. North West
- Leonard Curtis22
- FRP Advisory21
- Anderson Brookes18
- Begbies Traynor14
- Marshall Peters10
03. Yorkshire / Humber
- PwC48
- Begbies Traynor14
- FRP Advisory13
- Leonard Curtis8
- XL Business Solutions8
04. Midlands
- Butcher Woods15
- PwC12
- Begbies Traynor12
- FRP Advisory9
- Griffin and King Ltd6
05. East Midlands
- CFS Restructuring7
- FTS Recovery4
- Begbies Traynor4
- Leonard Curtis3
- Blades Insolvency Services3
06. East of England
- Begbies Traynor24
- Leading Business Services19
- Parker Andrews9
- BRI Business Recovery6
- Revolution RTI5
07. South East
- Begbies Traynor72
- FRP Advisory34
- Quantuma33
- SFP19
- Cooper Young12
08. South West
- Begbies Traynor12
- Purnells9
- FRP Advisory7
- Leonard Curtis6
- SFP5
09. London
- SFP48
- FRP Advisory47
- Begbies Traynor45
- PwC15
- Quantuma14
10. Wales
- Stones & Co6
- McAlister & Co5
- Leonard Curtis4
- Begbies Traynor3
- Anderson Brookes3
11. Scotland
- Quantuma24
- Begbies Traynor24
- Revolution RTI11
- Interpath11
- Johnston Carmichael11
12. Northern Ireland
- McKeague Morgan4
- Rachel Fowler advisory2
- McCambridge Duffy2
- 180 Advisory Solutions2
- Keenan Corporate Finance2