Analysis reveals a rise in UK businesses closing – nearly 1,200 businesses closing every day
Analysis by DSA Connect, an IT asset disposal company which specialises in the permanent deletion and destruction of electronic data, reveals nearly 1,200 businesses have closed every day in the past six months.
DSA Connect’s analysis of Government data shows 214,930 companies shut down in the six months to March 31st. The last three months of 2020 saw 103,785 firms go out of business and the number closing rose 7% to 111,145 in the first three months of this year.
Companies in the professional, scientific, and technical sector were the most likely to stop trading in the six months with 38,530 shutting, accounting for around 18% of total closures followed by business administration and support service companies, which accounted for 27,420 closures and around 13% of firms going out of business in the six months.
Harry Benham, Chairman of DSA Connect said: “Business owners have had a tough time during the COVID-19 pandemic, and it is understandable that so many have ceased trading.”
Other sectors which recorded high levels of closures in the six months include information and communication which saw 23,020 companies close; construction which recorded 24,070 closures and retail where 18,770 companies shut.
Nearly a quarter of businesses shutting down were based in London where 50,510 companies closed, followed by the South East with 30,575 closures and the North West with 20,995 businesses shutting.