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.
Firms are being told to seek advice at the first sign of debt struggles with a total of 3,800 so-called ‘business deaths’ (de-registrations) across Bucks throughout 2013, according to the Office of National Statistics.
It is not all doom and gloom for Vale business, though. 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 small businesses are the lifeblood of the economy in the Vale.
“With more and more people becoming self-employed, the need for free, independent advice to help small business owners who fall into financial difficulty has never been greater.
“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.
“Our expert advisers – many of whom have experience of running small businesses themselves – are on hand to give local small businesses the help and support they need to get back on their feet and continue trading.”
Small business owners can find out more at www.businessdebtline.org or by calling Business Debtline on 0800 197 6026.