Published 11th Jan 2023, 16:45 BST

Updated 16th Jan 2023, 17:24 BST

The research shows that nationally, 57 per cent of small businesses feel they are at risk of closure in the coming year as a result of economic instability.

Towergate surveyed 750 small business owners from across the UK to explore the threats they are facing in the wake of the cost-of-living crisis and the impact these are having on their business.

Alison Wild, head of marketing for Towergate’s SME insurance division, said: “Supply chain delays, retaining uniqueness and changing consumer demands are the most prevalent threats affecting small businesses in the UK.

Sheffield's Rare and Racy book and record shop, which closed its doors in 2017. Photo credit should read: Tim Goode/PA Wire

“Harnessing this information and exploring in more detail what affects your specific sector and region can help you identify the most probable threats.”

Supply chain delays stand as the biggest threat for small businesses in Sheffield, with 41.67 per cent citing this as their primary issue.

Small businesses in Norwich are seen to be most at risk with 73.58 per cent of owners stating that they are at risk of closure in the coming year.

Businesses in Manchester ranked second, with 67.21 per cent of businesses claiming to be at risk.

A full version of the report can be found on the Towergate Insurence website.

67% of small businesses in Sheffield are at risk of closure in the coming year, research from Towergate Insurance shows