The retail sector has the lowest number of business “deaths” [those that have ceased trading] in the UK, according to new data.
The Office of National Statistics (ONS) Business Demography report for November 2017, using data examined by business consultant Turnerlittle.com, revealed that the retail industry had a ‘death rate’ of 10.5 per cent, which was the lowest out of the industries surveyed.
The highest rate was seen in the finance and insurance sector at 17 per cent.
Overall, the number of UK business “deaths”, increased from 283,000 to 328,000 between 2015 and 2016 – a failure rate of 11.6 per cent.
The region that saw the highest business death rate was London at 14 per cent, followed by Scotland at 11.8 per cent.
Northern Ireland had the lowest rate at 9.2 per cent.
The release also revealed that the UK five-year survival rate for businesses born in 2011 and still active in 2016 was 44.1 per cent.
By region, the highest five-year survival rate was seen in the South-West at 47 per cent, while the lowest was in London at 41.7 per cent.