Torquay has topped a list of places with the most personal bankruptcies.
Seaside towns dominate the list, Torquay, Scarborough, Great Yarmouth and Blackpool were among those with the most personal insolvencies last year, according to research by accountancy firm Moore Stephen. With 43 insolvencies per 10,000 residents, compared to a national average of just under 20, Torquay is top of the list.
Moore Stephen said the study showed that coastal industries andtourism continued to decline outlining that these areas often lacked the economic diversity of bigger cities and were too reliant on low-spending domestic tourists for employment.
Many local entrepreneurs and educated young people are leaving traditional holiday destinations and moving to areas such as London, according to the research.
Bankruptcy in the more rundown of the British seaside towns has become an epidemic. As seaside tourism declines, there is less chance for these areas to reinvent their image as exciting, vibrant places for business to thrive. High levels of debt show the underlying fragility of those economies and the low levels of accumulated wealth in these towns.
The top 10 list compiled by Moore Stephens was:
Isle of Wight
Kingston upon Hull