Third of North Wales business owners near retirement

Up to a third of North Wales companies could be vulnerable to closure, with potential job losses, due to the region’s ageing business-owner population, according to figures uncovered by a leading accountancy firm.

The findings, which reveal that around 30 per cent of North Wales business owners are aged 60 or over in the LL postcode area, have been highlighted by Bangor and Llandudno based firm Williams Denton.

The concerns were raised ahead of the launch of the company’s new partnership with UK-wide group The Corporate Finance Network.

Williams Denton is the only firm in North Wales to become part of the network in a move designed to help SMEs realise the best value for their largest asset, the business itself.

Founder of the accountancy firm Peter Denton said that many businesses in the region could face big challenges over the next few years and that the accountancy firm is adapting to help them meet those new challenges.

Peter, who earlier this year sat on a group advising the Welsh Government how best to help SMEs, said: “We estimate that 30 per cent of businesses under £10m turnover and based in the LL postcode area have directors whose average age is over 60.

“This provides the local economy with both a huge problem and also a massive opportunity.  The issue is that over the next few years, potentially 30 per cent of businesses in the LL region could wind-up because the owners need to retire or exit their business, and can’t find a buyer to continue the trade. This loss to the local economy, employment and output could be devastating.”

Mr Denton added: “Planning the exit route is essential in todays challenging times. In joining The CFN we are becoming part of a network of the most proactive and commercially astute regional, independent accountancy firms in the UK.

“Here in North Wales, many businesses will be forced to change over the next few years and our membership of The CFN will allow us to help our clients to adapt to these changes.”

Kirsty McGregor, founder and chairman of The CFN, said: “I am delighted to be welcoming Williams Denton into our national organisation of SME corporate finance experts and I will be pleased to explain the findings from the research we have recently carried out, in person, at their launch events later this month.