The number of companies declared insolvent declined last month, according to data released by Experian.

A total of 1,834 firms went out of business last month, a decline of 15% from February's figures. London saw the highest rate of insolvencies while Wales saw the fewest number of companies going out of business.

"Small businesses have far more flexibility than any other business type, It is easier for smaller businesses with just one or two employees, to easily make adjustments to their operations and pull in the reins when times are difficult," said Rolf Hickmann of Experian.