Bloodbath on the High Street as it’s revealed 125 retailers went bust in the last year
- The number of firms calling in administrators last year was 7% higher than 2017
- Shops are facing an onslaught from online retailers and crippling business rates
- Of those that went bust, 26 were large firms with more than ten stores
An astonishing 125 retailers went bust last year as the bloodbath on the High Street claimed a string of high-profile victims.
In a sign the crisis in Britain’s town and city centres is escalating, the number of firms calling in the administrators last year was seven per cent higher than in 2017.
Shops are facing an onslaught from online retailers and rising costs – including crippling business rates bills.
An Astonishing 125 retailers went bust last year as the bloodbath on the High Street claimed a string of high-profile victims
Of those that went bust, 26 were large firms with more than ten stores, such as Toys R Us, Maplin and Poundworld, the report by accountant Deloitte found.
Dan Butters, of Deloitte, said retailers had been hit by increasing staff and property costs, as well as a weaker sterling.
He added: ‘We expect a particularly challenging first quarter in 2019 for many retailers as the full effect of Christmas trading becomes clear.’
Soaring business rates have been blamed for piling pressure on the High Street. The Mail has been campaigning for a level playing field in rates paid by retail stores and online giants such as Amazon.
Just last week entertainment retailer HMV filed for administration, putting 2,200 jobs at risk. It said its £15million business rates bill was partly to blame.