September 27th, 2016

Over 2,000 county businesses have closed within 12 months

Over 2,000 county businesses have closed within 12 months Over 2,000 county businesses have closed within 12 months
Updated: 11:21 am, May 07, 2015

MORE than 2,000 Worcestershire businesses have closed down within a year.

Figures just released by the Money Advice Trust show a total of 2,210 companies deregistered in 2013. Although 2,700 were created during the same year, a total of 22 per cent of county businesses do not survive to see their second birthday.

In Bromsgrove, 395 closed and 555 opened while in Wychavon, which covers Droitwich, there were 555 creations and 665 ‘deaths’.

Chief executive Joanna Elson said: “Small businesses are the lifeblood of the economy in Worcestershire and across the UK as a whole.

“With more and more people becoming self-employed, the need for free, independent advice to help small business owners who fall into financial difficulty has never been greater.”

She added advice for dealing with debt included not ignoring the problem, ensuring all benefits and tax credits the company was entitled to were being claimed, dealing with priority debts first and staying in contact with creditors.

Other ‘golden rules’ are checking to see if payment protection insurance is in place, working out a budget and sticking to it, treating all creditors fairly, keeping copies of all paperwork, letters and receipts and thinking carefully before taking out further

credit to clear debts.

The charity has recently launched its Business Debtline website which includes factsheets, budget tools and sample letters for business owners in debt. Visit www.businessdebtline.org or call 0800 197 6026 for more information and advice.

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