Furniture manufacturing insolvencies have slowed to its best rate in five years, according to the latest report from the Insolvency Service.

Highlighted within its Insolvency Statistics Report for the first quarter of 2016, total furniture manufacturing insolvencies were down by 17.5% to 99 for 2015 from 120 in 2014 across England, Wales and Scotland.

In comparison to 2010, furniture manufacturing insolvencies fell by 1.9% from the rate of 101 recorded.

Breaking the data down to a quarterly segment, furniture manufacturing insolvencies for Q4 in 2015, compared to the same period in 2014, were down by 8.6% to a rate of 21.

During the year under review, 2015 saw furniture manufacturing insolvency rates steadily decline quarter-to-quarter, although the beginning of the year remained flat at a rate of 28 in both Q1 and Q2.

The research indicated the most common type of insolvency was a creditors voluntary liquidation, with a rate of 66 for last year, which was followed by administrations, at a rate of 14.