DSA Connect - Analysis shows nearly 1,200 Businesses closing every day

Analysis shows nearly 1,200 Businesses closing every day

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.

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.

The table below shows the top five UK regions and industry sectors for business closures during the six months to 31st March 2021:

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.

“Thousands of those companies will have IT hardware with sensitive data on it which they will need to dispose or recycle, and the concern is that many will not be aware of the need to do this safely and securely and could face fines if they fail to do so”.

 

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