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Creditsafe’s 2016 A Year in Review, a complete guide looking at company start-ups, closures, directors, CCJ's and much more. Download the full review for free here.
For the first time in 3 years, business failures saw a 24% increase across the UK in 2016. Prior to this, company closures were steadily decreasing year on year and successfully recovering from the recession. Findings from our ‘2016 Year in Review‘ eBook found that the period between October and December saw the largest amount of insolvencies of the year with 6,954 company closures in that quarter. The only quarter that saw an ever so slight decline in closures compared to the previous year was quarter 2 with 25 less closures in 2016.
As in 2015 businesses aged between 3 and ten years saw the highest amount of insolvencies in 2016 although younger businesses that had been trading for under 3 years saw a momentous increase from having just under 3,000 insolvencies in 2015 to just under 8,000 insolvencies in 2016. With the UK voting to leave the European Union in 2016, it is unsure how this will affect start-up funding that the UK currently received from the EU and what impact this will have on British start-ups.
Businesses who had been trading for over 25 years remained the age category of businesses with the least insolvencies and would appear the most stable.