Express & Star

Wolverhampton has UK's highest rate of businesses going out of existence

Wolverhampton saw the highest rate of businesses going out of existence in the UK last year.

Photo: Philip Toscano/PA Wire

Research by Utility Bidder found that 1,590 business 'deaths' were recorded in the city – a rate of 179.5 per 1,000 enterprises in the area.

Newham was second worst at 159.4 with 2,125 businesses lost in 2023 and Mansfield third at 157.7 (530).

Wyre Forest has seen the biggest change in business deaths between 2018 and 2023. Across the district, business deaths increased by 145.5 per cent over the five-year period, with Mansfield in second place, with an increase of 125.5 per cent.

In 2023, 37,490 business deaths were reported in the professional, scientific and technical activities industry, which is the highest in the UK. The construction industry came in second place, with 35,095 business deaths over the 12 month period.

Agriculture, forestry and fishing is the industry which has seen the biggest increase in business deaths over the past five years, with an increase of 94.9 per cent.