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One in four new businesses set up by older people

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More people are setting up their own businesses late on in life, proving it’s never too late to do anything, suggests new research.

Clydesdale and Yorkshire Bank have revealed that more than one in four businesses that are started up in the UK come from people who have either retired or been made redundant.

According to the bank, up to one million older people put their retirement or redundancy pots towards new enterprises.

For many, it’s an opportunity to realise a dream after a life of working for the “other man”.

Gary Lumby, director of small business banking at Clydesdale and Yorkshire Bank, said: “Many people realise that there is more to life than working for somebody else, and it’s even better if you can turn something you love and enjoy into a business venture.”

Earlier this month, journalists at the BBC walked out for the second time over disagreements with the corporation over compulsory redundancies.