The Federation of Small Businesses says independent traders face a perfect storm.
Ryan Waite opened a branch of comic book and board game café The Geek Retreat in Bolton in early 2022, ploughing savings and a start-up loan into the venture.
But in August, the cost of some of his stock, such as playing cards and board games, went up by a third. It hit his takings hard - and in October 2022, he was forced to close, returning to his job as a quantity surveyor so he could pay back the business loans he received. Havering, on the outskirts of east London, went from seeing 40 voluntary liquidations in 2019 to 205 last year.
While Bolton, in Lancashire, saw the number rise from 224 to 501. Half of those losses were felt on the high street, losing 124 hospitality venues in 2022 alone. "Large cities tend to be the home of bigger businesses, so the outskirts of big cities and smaller places, where there are more independents, are seeing the effect of these liquidations."
"It sounds a little bit counterintuitive, but sometimes a rise in insolvency can be a positive factor," she said.
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