Firms risking all to survive

Workers at City Link hear the news the firm is to fold

That’s one key conclusion on the latest blow to North Lanarkshire’s economy drawn by Chamber of Commerce chief Neil Kennedy .

Figures from the Office of National Statistics (ONS) show that three out of five local businesses fold in less than five years.”

“Business failures can be due to people starting a venture because they’ve lost a job, and not having a proper business plan,” said Mr Kennedy.

“Some ventures also rely heavily on firms which buy in services because of cut-backs.”

He added: “We’re also seeing people who were in the ‘black economy’ going legitimate because they can’t avoid regulation.

He says the collapse of a firm like City Link will reverberate in Cumbernauld and Kilsyth, one of the area’s key employment hubs.

And he says there’s an imperative for any new venture to get its sums right from the start – because Chamber of Commerce wants to see local business that is well-organised and properly organised and resourced.