BROMSGROVE has been named as the local authority area where small to medium enterprises (SMEs) are struggling the most, according to a new study.
The research by Qardus analysed Office of National Statistics (ONS) data to determine where SMEs were thriving and struggling.
The analysis was based on six different factors, including The Active Enterprise Change between 2021 and 2023, the change in the count of births of new enterprises from 2020 to 2022, the change in the number of deaths of new enterprises 2020 to 2022 and the change of high growth enterprises per 1,000.
SMEs’ survival rates across three to five years was also examined.
Bromsgrove recorded a 30.22 per cent drop in registered SME enterprises between 2021 and 2023 – the biggest decrease of any local authority – and SMEs in Bromsgrove had a 5.81 per cent survival rate recorded in the last five years. These factors contributed to the district’s ranking.
Visit qardus.com for more.