The widely reported success of the UK retail sector over the Christmas period may not be as buoyant as the figures suggest, a study has warned.Verdict Research said firms had gained £14bn of extra trade that would have gone to rivals if they had not gone out of business over the past year. It pointed out that companies such as Woolworths, Zavvi, Principles, and Bay Trading are no longer trading. Verdict said retailers also benefited from more buying ahead of the VAT rise. With VAT returning to 17.5% from the temporary 15% on 1 January, it said this gave retailers a one-off lift.

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