In a dynamic business landscape, Vestd’s recent UK Business Investment Report reveals that fashion and beauty business owners are notably considering selling their enterprises in 2024. This comprehensive report, utilizing the latest government figures, sheds light on the prevailing challenges faced by businesses, marking the highest failure rate since 2009.
Fashion & Beauty secures the fifth position in a list of 17 industries where businesses are most likely to explore selling, with 1,644 out of 83,425 firms contemplating this decision (approximately 1 in 50 businesses).
Topping the list is Hospitality (bars & restaurants), anticipating 14,478 out of 143,000 businesses to sell (1 in every 9.88 businesses). The broader Retail industry claims the seventh spot, with 5,614 businesses at risk out of 549,000 (equivalent to 1 in every 97.6 firms).
This analysis is derived from data sourced from sale platforms RightBiz and BusinessForSale, meticulously compared against the number of registered businesses per industry.
Ifty Nasir, Founder and CEO of Vestd, acknowledges the challenging times for businesses, emphasizing that the cost-of-living crisis continues to impact their bottom line. Nasir advises business owners contemplating an exit strategy to plan well in advance, familiarizing themselves with various selling methods and their respective pros and cons.
For those considering a sale, Nasir emphasizes the importance of employee engagement and increased productivity. He suggests implementing enterprise management incentives, not only benefiting the workforce but also providing relief to the company tax bill. As businesses navigate the challenges of selling in 2024, strategic planning and innovative solutions become imperative in this evolving landscape. Explore the insights of Vestd’s report for a comprehensive understanding of the considerations shaping the decision to sell in the Fashion & Beauty sector.
