Debt warning after 825 firms shut up shop

Stock image
Stock image
0
Have your say

Businesses are being urged to manage debt better after it was revealed there were 825 ‘business deaths’ in Aylesbury Vale alone last year.

Businesses are being urged to manage debt better after it was revealed there were 825 ‘business deaths’ in Aylesbury Vale alone last year.

The Money Advice Trust, a charity that runs Business Debtline, said many sole traders and other small business owners in the Vale are leaving it too late to seek advice.

The same statistics reveal that there were also 1,075 ‘business births’ in the Vale during the same period.

While the emergence of news businesses is positive – there were 5,300 across Bucks – more than one in five of them (22%) do not 
survive to see their second birthday.

The Vale actually has 
the lowest two-year business death rate of all the districts in the county but still sees 20% forced to close down.

Business Debtline is 
the only free debt advice service for small business owners and sole traders in the 
UK.

Last year the service helped around 40,000 people with business-related debts.

Joanna Elson, chief executive of the Money Advice Trust, said:“I would urge any small business owner in Aylesbury Vale or indeed across Bucks who is struggling to cope with debt to 
seek free advice from Business Debtline as soon as possible.”

Small business owners can find out more at www.businessdebtline.org or by calling Business Debtline on 0800 197 6026.