Forbes Burton’s 2023 list of the UK’s distressed businesses details the 95 big brands that have had to either close branches or let staff go.
- An estimated 20,000 jobs lost from big-name brand closures
- 649 banks closed, taking account access away from those without internet
- Over 1,000 branches across 40 household names in retail have disappeared from high street.
London, 13th December 2023—Nationwide business consultancy firm, Forbes Burton have released their 2023 list of the UK’s distressed businesses: those that have had to either close, enter administration, or let go of staff and UK branches.
The report documents a year in which several high-street names such as Wilko and Paperchase have seen their bricks-and-mortar empires crumble in the face of severe economic headwinds.
Outside of retail, the list also includes a number of household names within hospitality, sport, and other sectors that have struggled over the past 12 months.
Rick Smith, Managing Director of Forbes Burton, commented that “the current economic climate has accelerated the culling of some businesses that had struggled to adapt to a changing market. Retail companies in particular have found the public’s switch to online shopping difficult for some time.
“After years of expansion and growth, many companies in the retail sector have found themselves saddled with large premises accruing huge rents and workforce costs. They’ve found that these sites are no longer viable after the ecommerce boom, and we’re still seeing a hangover from that in these figures.
“Those that evolve their businesses to meet the needs of today’s customer have a far better chance of survival. With multiple external factors making 2023 a harder time than ever to run a business though, only those with the deepest pockets or the brightest ideas will survive”.
The full list of the 95 businesses affected can be found here.
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