Shutting up shop overtakes startups!

Published: 05/12/2023 By Hannah Duncan

Coming out of the pandemic, the cost of living crisis, high energy and material prices are just a few contributing factors that have hit our UK businesses hard.

Each month we report how many company insolvencies there have been and we have seen a steady increase since the pandemic, check out the latest stats here.
 
It has been reported that the total number of businesses closing down is sadly now more than those that are starting up! Data released from the Office for National Statistics states 337,000 businesses were created in 2022, thats 7% less than the previous year.  Amongst this figure is retail which only had 29,400 new openings in 2022 down from 38,900 in 2021 and the number of retailers closing rose to 30%.

Overall, there has been a 5% increase in business closures in 2022, meaning numbers have now overtaken those opening a new business, a total of  345,000 business were closed in 2022.

Could now be the time to have a chat with one of our business turnaround specialists?
 
We can provide some clarity on where your business is and offer some suggestions of where to go next in order to turn around your business. We always suggest seeking advice as soon as possible as we find there tends to be more options available the sooner we speak to you.

Give us a call for a free confidential chat, at a time convenient to you, contact us here. Or take our insolvency test to clarify if your company is still solvent.