BUSINESS deaths in the Sedgemoor area spanning from Bridgwater to Burnham-on-Sea have almost doubled since 2018 - the third highest rise in the UK.

Figures uncovered by Utility Bidder using data from the Office for National Statistics show the Sedgemoor region experienced a 92.9 per cent increase in business deaths in 2023.

In 2018, 280 businesses in the region closed their doors for good, but this figure has risen to 540 in the year 2023.

This total figure is equal to the total number of business deaths in the region with the highest increase, Wyre Forest, which saw an increase of 145.5 per cent.

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Although Sedgemoor had among the highest regional rise in businesses shutting up shop, business deaths are rising across the nation.

According to the research, England and Wales have seen the highest rate of bankrupt companies since the early 1990s.

Since 2018, agriculture, forestry, and fishing businesses have been the least likely to succeed, with a 94.98 per cent increase in business deaths in 2023.

The real estate industry has seen a 61.95 per cent rise in businesses going bust, and retail has experienced a 41.2 per cent increase.

In response to the Sedgemoor statistics, Diogo Rodrigues, Manager of Bridgwater Chamber of Commerce, said: "While the statistics on business closures in the Sedgemoor area are concerning, it's important to note that they don't tell the whole story.

"In Bridgwater specifically, we're seeing positive signs of growth and resilience.

"Our retail sector, for instance, boasts a lower high street shop vacancy rate compared to neighbouring towns like Taunton.

"Additionally, our hospitality industry is thriving and our green economy is on the rise.

"However, it's crucial to acknowledge the challenges faced by new and small businesses, which statistically have a higher likelihood of failure.

"To address this, we offer support through Bridgwater Chamber training events, in partnership with SBA CIC, aimed at nurturing and guiding businesses through their early years.

"By providing resources and fostering a supportive environment, we aim to bolster our local economy and help businesses thrive despite the broader trends highlighted in the statistics."