The total number of businesses facing liquidation in Hampshire has risen by 90 per cent in the past three years.
Post-pandemic the number of businesses in liquidation in Hampshire was 198, three years later in 2022 that number is currently at 377.
The southwest of England saw a 31 per cent rise in liquidation as every region increased by at least a third.
The stark figures have been revealed by the BBC's Shared Data Unit, which looked at insolvency notices in The Gazette, the official paper of record for public notices.
Around eight out of ten authorities saw an increase in company insolvencies last year compared to the year prior to the pandemic. The withdrawal of government support and soaring energy costs have been blamed for the rise.
Voluntary liquidations were the most common way for firms to be shut down between 2019 and 2022. Out of 221 upper-tier authorities in the UK, 187 (85 per cent) saw a rise in liquidations.
Construction and high street businesses were hit the hardest in 2022, towns with a high proportion of businesses in those fields were likely to see a large rise in liquidations.
Insolvency expert Julie Palmer said: “There will be winners and losers in construction. So if you look at the effects of the pandemic, it’s changed the way people are looking at property. Certainly, rural areas have become much more attractive if people are looking at a hybrid working model."
The Covid 19 pandemic was a huge factor in the rise of insolvencies, as a result, a series of economic packages intended to keep firms afloat were offered to businesses.
They included options to allow companies to defer VAT payments, to receive relief on business rates and to apply for a series of loans and grants. The most significant measure was the Coronavirus Job Retention Scheme (CJRS) which allowed bosses to claim up to 80 per cent of furloughed employees’ wages.
Experts at the time said many of the support packages put in place during 2020 would only help to delay inevitable closures in many cases.
Stuart Adam from the Institute for Fiscal Studies (IFS) said while many firms had been “tided over during a period of hibernation” through loans and tax deferrals, those measures would not tackle “pilling up” debts.
Michael Weedon from the Federation of Small Businesses said: “We knew during the first year of pandemic there was deliberate business support from the government – we knew when that tailed away, particularly in terms of finance, there was a risk we’d see companies disappearing.”
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