As 2023 brings ahead some significant challenges faced for the UK economy, we look at what opportunities this may offer prospective business purchasers and what our top 5 industries to look out for during a down economy:

Health Care
Whether this is medical care, care homes or domiciliary care you are more certain to weather any economic uncertainty as the vast majority of the sector is funded by local authorities and the NHS, with some private funding mixed into this. Public spending generally grows with the cost of inflation so you are protected in this aspect also. Historically the employment market can be challenging for this sector however in a flat economy you are more likely to see the recruitment pressures ease as the cost of living bites and employees attitudes lean towards learning.

Food/Convenience
On the whole food establishments and convenience faired well over the 2008-2011 period of the last recession as people are busy working and looking for convenience/food on the go. In an era on the cusp of AI becoming part of our day to day lives, you can be assured that food and convenience as an essential part of our daily lives, will be one that keeps thriving.

Childcare
As more and more families move to a dual income household, which has been steadily increasing since the 1960’s, the need for high quality childcare at an affordable price is on the rise. The government offer a 30 hours free childcare scheme, which can be topped up by parents should they wish to use this on their preferred childcare provider. Look our for Nurseries, Children’s Crèche Center’s, Early Years Learning Centre’s and anything to do with playing (including indoor play center’s). Even when you don’t need childcare, with the UK winters wet and windy, there is always a need for a dry, clean and safe indoor play centre which is often packed over the winter period.

Pet Industry
In the UK we are crazy about pets, we spoil our loved ones on the daily. Anything from pet sitting, pet stores, pet supplies and pet sitting/day care would be one that we would expect to buck the trend in 2023.

Financial Services
Financial Advisors and Accountants are always in demand and particularly so in a bear market. They provide expert advice and guidance on how to run a business or your personal finances/investments which people are keen on exploiting when times are a little harder to ensure they are doing the best thing for them at the time.

One thing to bear in mind here is that the business depends entirely on the owner/operators input and you can do extremely well in almost any industry if you ensure what you are offering/delivering is of better quality, value and service than you competitors. This will always put you in a good position to do better than your competitors.