UK Business Closures: Which Regions Are Taking the Hit?
Picture a map of the United Kingdom dotted with the names of places that popped out from the business scene last year. According to a fresh study by MRPeasy, the West Midlands has snagged the top spot, bedrocking its position as the region with the highest business death toll. Below is a quick rundown of the grit and grind that each area faced.
How the Numbers Stack Up
- West Midlands – 11.84% of all businesses closed last year (25,595 out of 216,135). From Birmingham to Coventry, the region felt the sting.
- North West – 11.76% (31,310 out of 266,135), with Liverpool and Manchester on the frontline.
- North East – 11.41% (8,230 out of 72,160), including Newcastle upon Tyne.
- London – 11.28% (59,880 out of 530,815); the capital’s 500‑plus‑mile ecosystem still weighs heavy.
- Yorkshire & Humber – 11.26% (21,410 out of 190,180), home to Leeds & Sheffield.
- East Midlands – 11.20% (20,390 out of 182,035), with Leicester & Nottingham leading the grim parade.
- East of England – 10.38% (28,070 out of 270,375), Cambridge, Peterborough, Essex, and Bedfordshire included.
- South East – 10.05% (40,625 out of 404,355), Brighton, Hove, Milton Keynes, Southampton, etc.
- South West – 9.51% (22,450 out of 236,160), Bristol, Bath, Exeter, and friends.
Nationwide Snapshot
- England: 257,970 businesses gone (10.89% decline).
- Scotland: 17,655 gone (10.25%).
- Wales: 10,595 gone (10.07%).
- Northern Ireland: 6,545 gone (8.29%) – the happiest of the bunch.
MRPeasy’s research pulls the raw stats straight from the Office for National Statistics, letting us see the stark reality of 2023. “Many regions saw significant closures,” CMO Karl Heinrich Lauri said, “and the wider market looks set to feel the pressure as April’s price hikes roll over.”
Why the North Is Feeling the Brunt
At a glance, the northern provinces—the West Midlands, North West, and North East—faced a heavier toll than the southern latitudes. While London and the South East weren’t spared, the region’s economy just seemed to break down a bit faster.
Cold Fact, Warm Worry
With the rising cost of living and the looming April price bumps, entrepreneurs across the UK are growing jittery. Lauri notes that if current trends keep rolling, the fatality numbers might climb even higher in the worst-hit territories.
In a Nutshell
Across the country, about 12% of the businesses that rolled out last year have faced the misfortune of shutting down, a tangible reminder that delivering goods, crunching numbers, and keeping the lights on is no longer a “sleep‑tight” gig. What’s the takeaway? If you’re in the north, you might need to be a bit sharper in spotting market shifts; if you’re in the south, keep a finger on that cost‑of‑living contraption – the line of these four worrying figures are a heartbreaking but realistic snapshot of what’s in store for the nation’s entrepreneurial hopes.
