One in three small businesses plans to close within a year

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One in three small businesses don’t expect to be in business for more than a year, according to a new report.One in five small and medium-sized enterprises (SMEs) said their business was already in “distress,” law firm Fladgate said.

He said his survey of 500 SMEs painted “worrying prospects” for the backbone of the UK economy.

One in three respondents said they were still in a ‘shock and denial’ or ‘anger and depression’ phase, which could hamper their ability to decide how best to move forward. according to the report.

Jeremy Whiteson, from Fladgate, said: “This should be seen as a strong Mayday call by UK SMEs. As the bedrock of the UK economy, any stimulus package must meet the needs of these businesses.

“Government support cannot and will not last forever. Private investment therefore presents a long-term and sustainable solution for SMEs in difficulty. “

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