In 2011 approx 23,600 businesses collapsed. This number is expected to rise in 2012 to 25,600 and increase again in 2013 to 26,800. The pessimistic forecast has been blamed on low levels of consumer consumption fuelled rising unemployment and lower earnings.
The three sectors likely to fail most in 2012 are construction and real estate, businesses services and retail and wholesale. The sectors looking set to enjoy positive growth are manufacturing, media, technology and telecoms. This goes to show that companies that are developing innovative products are more likely to succeed, whereas businesses that do not respond to new “norms” are at greater risk of struggling.
However, by 2013 there will be a decline in the rates of failure, with figures falling to 23,700 by 2015.
If 2013 seems like an eternity away and you require financial help now, contact Beer & Young to discuss business angel investment for your company. Don’t let your business be on the list of ones that fail!
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