The number of UK company administrations increased by a third in the final quarter of 2007, according to a survey by business advisory group Deloitte.

The amount of company failures rose by 30% in the last quarter of 2008, compared to the corresponding period in 2007.

In 2008 there was a total of 3,025 company administrations - 20% more than in 2007.

"Businesses should take this as a warning to act as early as possible to avoid becoming yet another statistic," said Lee Manning of Deloitte.

In 2008 the north-east of England saw the largest year on year increase in administrations with a 98% rise in company failures. The south-west was the second worst affected area, experiencing a 95% increase in company failures.