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Only 4% of small business owners predict closure in 2009

Small businesses in the UK are feeling positive about 2009 with only 4% of SMEs forecasting that their business will close, according to research by the independent bank the Close Brothers group.

The survey of over 500 small business owners revealed that 45% predicted that their firm would stay the same size in 2009, and only 4% thought that their business would be forced to close.

Regarding employment patterns, 67% expect to keep on the same number of staff and 14% predicted that they would be taking on new employees.

"There is no doubt that these are some of the most challenging financial conditions of recent times and everyday there are further gloomy predictions about the health of British small and medium size businesses," said David Thomson, chief executive officer of Close Invoice Finance said

"But, as our survey shows, this sector is incredibly resilient and even as the UK enters a recession one in five SMEs still expects to expand this year."

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Post Date: February 4th, 2009