City has 200 fewer firms in three years

PLYMOUTH has lost hundreds of businesses in the past three years, new research has found.

- By WILLIAM TELFORD

The city has 200 fewer businesses now than it did in 2022 according to a study by Plymouth accounting firm Wilson Partners.

The company, using Office for National Statistics data, looked at how many new businesses were created and how many shut up shop - and found the city in deficit. Things were at their worst in 2023 when the city lost 90 businesses more than were created.

So far this year Plymouth has lost 10 businesses more than it has seen new ones open. Wilson Partners fears the situation could get worse. Plymouth is not alone in the South West with Devon as a whole having 915 fewer businesses than at the start of 2022. Cornwall has 510 fewer businesses.

Devon entrepreneurs nevertheless, lead the South West by launching 8,960 firms in the past three years, but with 9,875 companies folding, the county was pitched into deficit.