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UK entrepreneurs prefer not to retire

UK entrepreneurs prefer to keep working after retirement age, according to new research.

A new survey by Alliance & Leicester Commercial Bank shows that 23% of small business owners put off retirement because they enjoy running their business too much, while 21% said they had no plans to retire at all.

Some 55% of small business owners plan to work beyond the age of 65, compared to just 31% of the working population as a whole.

Steve Jennings, director of business management and strategy at Alliance and Leicester Commercial Bank said: “The passion and commitment of many of the UK’s entrepreneurs is clearly evident with many of them working well past retirement age.”

Many entrepreneurs - around 40% – expect their companies to close when they retire, while just 20% intend to sell-up.

Jennings continued: “Our research shows that many entrepreneurs expect their business to close when they finally decide to retire, highlighting that running their company is a labour of love and not just a job.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .