Over 300 firms in Mid Ulster went out of business last year, latest figures have revealed.
In 2013, there were 160 ‘business deaths’ in the Magherafelt area, while in Cookstown the figure was 145.
But during the same year, there were 130 new businesses registered in Magherafelt, and 115 new businesses in Cookstown.
Two advice charities are warning small businesses across Northern Ireland to seek free advice if they are struggling to cope with their debts, after it was revealed in figures from the Office of National Statistics that there were 5,120 ‘business deaths’ in the country last year.
The Money Advice Trust and Advice NI, the charities that together run Business Debtline Northern Ireland, say that many small business owners are leaving it too late to seek advice.
Joanna Elson, chief executive of the Money Advice Trust, said: “Small businesses play a crucial role in Northern Ireland’s economy – and we know that the need for free, independent advice to help small business owners who fall into financial difficulty has never been greater.
“I would urge any small business owner in Northern Ireland who is struggling to cope with debt to seek free advice from Business Debtline as soon as possible.
“Our expert advisers are on hand to give local small businesses the help and support they need to get back on their feet and continue trading.”