A new report has revealed Yorkshire business owners are most likely to sell up after a challenging year.
The report analysed business data from sale platforms RightBiz and BusinessForSale and then compared the results to the number of registered businesses per industry. In doing this, they identified the regions and areas that have the highest proportion of companies on the market,
Yorkshire business owners are the second-most likely to sell up with one in every 88 businesses up for sale. With 386,000 businesses registered, over 4,360 are currently up for sale.
It is joined at the top of the table by North West business owners with one in every 77 businesses currently up for sale.
At the other end of the table business owners in London are least likely to sell with one in every 228 businesses up for sale. Despite over 1,300,000 businesses in the region, there are just 6,040 businesses up for sale.
Commenting on the research Ifty Nasir, founder and CEO at Vestd said:
“It’s been an incredibly challenging time for businesses over the past year and beyond and our data makes it all too clear that the cost of living crisis is continuing to hit businesses where it hurts, their bottom line.
“It’s a difficult landscape for business owners looking to put exit strategies in place. It’s important that you think about this process well in advance and familiarise yourself with the different ways you are able to sell your business and the pros and cons of each.
“Planning an exit that meets your individual requirements, as well as those of your business, will make the process of selling as stress-free as possible but that is easier said than done with the current set of challenges.
“If you’re planning to sell your business, make sure you’ve got your team engaged and are working to increase productivity. One way to encourage this is for business owners to share a piece of the pie with their employees through enterprise management incentives. This too can also provide welcome relief to the company tax bill and reward your employees in the process.”
For more information and to view the full UK Business Investment Report here: https://www.vestd.com/blog/uk-business-investment-report-which-industries-are-selling