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6th September 2011

1 in 4 UK new businesses set up by older people

Research by Clydesdale and Yorkshire Bank found that 27% of new businesses were created by older people. 7% were formed following retirement and 20% following redundancy. In total over 1m 'older-preneurs' (defined as over 55) have used retirement or redundancy as an opportunity to set up their own business. The Clydesdale and Yorkshire Banks' Small Business Report found that more than one in four (27 per cent) of Britain’s 4.7 million small businesses, were set up after retirement (7 per cent) or redundancy (20 per cent).