New figures reveal Mansfield has one of the highest rates of business deaths per 1,000 in the UK

The research, carried out by Utility Bidder, has revealed the UK towns and cities with the most business deaths in 2023, as well as the number of business deaths per 1,000 enterprises.

Mansfield had 530 business deaths last year which did not see it make the top 10 for the most overall.

However, in terms of deaths per 1,000 businesses, it was a worryingly different story with Mansfield placing third on the list with an average of 157.7 business deaths per 1,000 businesses.

Only Wolverhampton, with 179.5 and the London borough of Newham, with 159.4, had a higher rate of attrition per 1,000 businesses last year.

Mansfield also suffered the second-biggest climb in the number of business deaths in the last five years, up from 218 in 2018 to 530 last year – an increase of 125.5 per cent.

Only Wyre Forest, which saw business death rates climb 145.5 per cent from 220 to 540, saw a bigger increase.

Utility Bidder says it’s ‘not all doom and gloom’ for Mansfield though, as the local town centre ‘has recently received a significant investment from the Government to help appeal more to visitors’.

According to the data, the industry of professional, scientific, and technical activities has the highest number of business deaths, totalling 37,490 in 2023.

This industry encompasses a range of business types, with everything from advertising and market research to accounting and bookkeeping.

Construction was second with 35,095 business deaths, followed by business administration and support services with 27,565.

The industry that has seen the biggest change, however, in the last five years is agriculture, forestry, and fishing with 94.98 per cent increase in business deaths.

Real estate was next with a 61.95 per cent increas, blamed mainly on the fluctuating UK housing market in recent years.

Retail was third on the list with a 41.2 per cent increase in business deaths, even though the retail sector has seen one of the highest numbers of businesses closing down, it’s percentage is lower due to the size of the sector overall.