Nearly 5,000 retail chain stores closed in 2023

15th March 2024 Business | #business closures

Almost 5,000 retail chain stores were left empty last year, according to research by the Local Data Company and PwC. The data showed a 33% increase in net closures compared to the previous year. The rise in closures amounts to about 14 store closures each day, with the closure of Wilko greatly contributing to the…

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One in three business owners fear closure by end of 2024

Nearly one in three (31%) of business owners anticipate the potential closure of their businesses by the end of 2024 according to research by Novuna Business Cash Flow. Novuna says that the prospect of numerous businesses facing closure is sobering, a reality underscored by a recent ONS report, showing just 3% of businesses had temporarily…

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Nearly 30,000 businesses predicted to fail this year

3rd January 2024 Business | #business closures

PwC Economists have issued a stark warning predicting that nearly 30,000 businesses in the UK will collapse under the weight of high interest rates in 2024. The research says company insolvencies will surge by 15% in the next 12 months as corporations and small businesses struggle to meet the repayments on debts run up to…

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Business closures surpass openings for the first time in 13 years

4th December 2023 Business | #business closures

Latest Office for National Statistics (ONS) figures show that business closures have outpaced openings for the first time since 2010. The ONS Inter-Departmental Business Register shows that there was a 7% year-on-year decline in new businesses in 2022, while business closures were up 5%, meaning it was the first time since 2010 that closures overtook…

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Record number of businesses close across the UK

24th November 2023 Business | #business closures

The Office for National Statistics (ONS) has reported that a record number of businesses closed across the UK last year, surpassing the ‘birth rate’ of new businesses. The research found that 345,000 businesses shut their doors in 2022, the highest figure since records began in 2002. Meanwhile, 337,000 new businesses started trading, down from the…

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Number of licensed premises fallen by a third in last 2 decades

New figures from trade body UKHospitality in partnership with CGA by NIQ, has revealed that the number of licensed premises has fallen by nearly a third (31%) in the last two decades. The figures highlight the seismic changes in hospitality and the sustained periods of pressure the industry has been under, more recently exacerbated by…

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Call for Government support as 2,000 pubs face closure

Two thousand of the nation’s pubs are facing last orders, the British Beer and Pub Association (BBPA) has warned as it calls on the Government to extend a lifeline to the sector. The British Beer and Pub Association (BBPA) is calling on the Government to use the Spring Budget to show it understands just how…

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HMRC tried to shut down 440 companies over unpaid tax debts

20th February 2023 Business | #business closures#Tax debt

New data from Mazars, the international audit, tax, and advisory firm, shows that the HMRC tried to shut down 440 companies in the last quarter over unpaid tax debts, a 46% increase from the 301 that it tried to close the previous quarter. Michael Pallott, Partner at Mazars says that the number of winding-up petitions can…

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Record number of small businesses opted for closure last year

22nd February 2022 Business | #business closures

Businesses choosing to voluntarily close has reached a new high as the long-term impact of coronavirus restrictions and concerns over imminent tax hikes hits business owners. Research by Price Bailey shows that a record 14,526 businesses in Britain voluntarily appointed liquidators last year, with this marking a 7% increase on the previous record set in…

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Proportion of small businesses predicting closure hits record low

Transport disruption, labour shortages and fears of a winter fuel crisis have failed to dent resurgent small business confidence for the three months to Christmas. After a significant bounce-back in the spring, small business growth forecasts have hardly changed over the last nine months, with 35% of business owners predicting growth for the next three…

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