In London, 99.8 % of all SMEs are private sector businesses which provide a total of 49.8 % of London’s employment; generating a total turnover of (excluding financial and insurance industries) 430 billion pounds.
Statistics shows that there are 66% of businesses which never reach their first anniversary. There were 383,000 new business opened and 252,000 of them closed in year 2015.
There are many reasons why business owners decide or are being forced to close their company. These may be internal or external but resulting the same outcomes. The following are some of the main reasons for companies to shut down:
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