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News - 23 June 2005
Retail business bankruptcies predicted to rise by 23%
BDO Stoy Hayward’s influential Industry Watch has predicted that 16,360 businesses will go to the wall in 2005 with further increases in 2006.
This is an increase of 3% on last year, predicted to rise to 5% next year as slower economic growth, higher interest rates and increased inflation bite even harder. BDO predicts that the retail and leisure sectors are likely to be hardest hit as consumer confidence continues to decline.
The abrupt end to the consumer boom is expected to result in a 23% increase in retail business failures and a 16% increase in leisure business failures by the end of this year. In raw figures they will still be at an historically low level but the forecast is a further reminder that all retail and leisure businesses should be preparing for a long hot summer and a dreary winter.
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