Dental practices among ‘worst store types for closings’
New research shows dental practices were in the top 10 businesses most prone to closure.
Looking at independent businesses across the UK, the study reveals that 230 dentists shut up shop in 2018.
This means dental practices were among the top 10 worst business types for closures, with banks taking the top spot after 716 closed in a year.
Pubs and inns came in second, with estate agents coming in third.
The worst store types of closings were:
- Banks – 716 closures
- Pubs and inns – 636 closures
- Estate agents – 448 closures
- Fashion shops – 374 closures
- Newsagents – 365 closures
- Clothes (women) – 317 closures
- Electrical goods – 299 closures
- Post Office services – 283 closures
- Discount stores – 230 closures
- Dentists – 230 closures
Carried out by Small Business Prices – a pricing information company – the study also found that, on average, only 57% of independent businesses in the UK make it to the five year mark.
Additionally, it looked at the best regions with the UK to start a business.
The South East came in top, with the five year survival rate standing at 64% of 461,170 businesses.
London placed second at 62% of 561,060 businesses while the East came in third with 63% of 308,180 businesses surviving.
The East Midlands, North East and Yorkshire had the lowest rates at 60%.
It was also found that accommodation and petrol stations were found to be the most likely businesses to survive after opening, with 99% making it to their first year.
The fifth year is where businesses are impacted. Some sectors almost reduce by half, with only 47% of fashion shops making it to their fifth year.