Borough Loses Over 3,000 Firms Since 2010

Hounslow worst in London for business departures


Hounslow for Business

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Hounslow is at the bottom of the table for London boroughs losing businesses in the recession according to the latest figures which show that in the past two years the capital lost 1% of its businesses.

Some 3,169 companies were lost through insolvencies, relocations and closures - amounting to 17.5% of the total number of firms in the area.

Ruth Cadbury,( Labour), Hounslow Council's deputy leader, said: "We have some major corporations based in the borough, but the majority are small businesses, which form a vibrant part of our community.

"The economic downturn has been challenging for them and there's no doubt local traders are finding it hard to survive.

"Therefore a key element in our planning around economic development and regeneration for the borough is to continue to work closely with them to provide support."

Chiswick has also been affected by the economic downturn with several High Road shops and restaurants closing over the past two years.

Peter Hughes, President of Brentford Chamber of Commerce commented "We are not surprised by these findings because the London Borough of Hounslow has themself been one of the most inflexible commercial landlords in Brentford. Also we have found local councillors have shown very little interest in attending our meetings and involving themselves at a local level. Hounslow Council has failed to give any support to Brentford Chamber despite its local involvement with the community for the past 90 years since its inception."

The research was carried out by financial analysts Experian for the BBC .

It found that more than 15,000 businesses have disappeared from London since 2010.

London was home to by far the most firms in growth sectors, such as finance, professional services, the media and IT.Yet the number of businesses in the capital fell from 1,043,983 to 1,028,695.

The research was on a greater and more in depth scale than anything done outside the Treasury, its authors claim.


March 23, 2012

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