The number of owner-managers who see their retirement prospects receding further into the distance is on the rise, according to Neil Greenaway, MD of business finance provider Clifton Asset Management, which conducted the survey of more than 1,000 business owners.

Says Greenaway, ‘In our last quarterly survey, 65 per cent of those questioned said their retirement had been put on hold, and this was in itself an increase on the previous figure of 56 per cent.’

More than a third of respondents say they do not plan to retire at all, adds Greenaway, up from a fifth in the last survey.

Owner-managers in the South East and South West are most optimistic about their prospects, according to the research, with 51 and 43 per cent respectively believing their region is better placed than the UK as a whole, while those in Wales (20 per cent) are the most pessimistic.