The number of UK businesses that closed in the first quarter (Q1) of this year—137,210—was 23 per cent higher than the figure in Q1 last year. All industrial groups barring agriculture, forestry and fishing witnessed an increase in closures. A significant increase in closures came in the transport and storage industry—a 75 per cent increase.
There was an increase in closures in 15 out of 16 main industrial groups in Q1 this year compared with Q1 2021.
The number of new businesses registered in the country in Q1 2022 was at the same level as the number added in Q1 last year. Construction saw the most significant increase in creations in the quarter compared with the same quarter last year, while retail saw the most significant decrease.
Read more about Thousands of UK logistics, courier firms close; 75% rise in closures
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