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News - 11 June 2003

63,000 Businesses Will Fold in Less than 3 Years

Accountancy firm BDO Stoy Hayward is predicting huge business failures before 2006 with firms going out of business at the staggering rate of 400 a week. How will this affect the Brighton economy?

BDO suggest that the wholesale sector will suffer the worst with failures increasing by 47% by the end of the year. Travel and transport comes a close second with a predicted 35% increase. Retail will also suffer as consumers continue their belt tightening and they predict that over 1,700 retailers in the UK will close their doors for the last time in 2003 and a further 1,800 in 2004.

With its large population of independents Brighton retail will almost certainly suffer more than other locations that are dominated by the larger (better capitalised) chain stores. A glimmer of hope for Brighton is that it is still very much flavour of the month as a destination city and BDO are predicting that the services sector will fare much better than any other. With its large reliance on services to employ a large part of the workforce this could give Brighton the break that it needs to ride the storm.


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