A UK cake company has shut down after 400 years of business in yet another blow to Britain's economy.
Oxfordshire-based Brown's Original Banbury Cakes Limited has been managed over the last three decades by family owner Phillip Brown.
The family firm has been making its iconic Banbury cakes for close to four centuries, being based at a site in Parsons Street, Banbury, since the 1600s.
During the 1960s, the family's once-famous shop was closed down and replaced with a Japanese restaurant, but it has continued to trade since then.
An iconic cake factory in the UK has closed for good
|GETTY
A local specialty, Banbury cakes are spicy, currant pastries that are commonly made with mixed peel, brown sugar, rum, and nutmeg.
For centuries, Brown's Original Banbury Cakes Limited has kept its own family recipe for the cakes a secret.
According to documents found on the Companies House website, the company was dissolved on April 7, 2026.
The family firm is known for producing Banbury cakes
|GETTY
LATEST DEVELOPMENTS
The Chancellor has faced criticism for over-taxing the private sector and making life harder for businesses | RACHEL REEVES / LINKEDIN Store and business closures have ramped up in recent years following the Covid-19 pandemic and recent geopolitical shocks.
Recent data suggests that more than 3,000 retail stores shut down for good in 2025, as 54 high street retailers ceased operations.
Critics have placed partial blame on Chancellor Rachel Reeves for this phenomenon due to her changes to the tax regime.
Over two Budgets, the Chancellor has scrapped business relief, raised National Insurance for employers, and hikes the National Living Wage.
The high street has been hit with store closures in recent months. | PAMolly Monks F.I.P.A., insolvency specialist at Parker Walsh, said: "The transformation of retail was already underway, but the cost of living crisis has dramatically accelerated the closure of stores that might otherwise have survived another few years.
"Discretionary spending has collapsed in many categories and footfall on high streets outside major city centres remains stubbornly below pre-pandemic levels.
"Meanwhile, business rates continue to penalise physical retail in a way that online competitors simply do not face, an imbalance that the government has failed to correct.
"Wage bill increases flowing from the new National Living Rate and higher employer National Insurance have been the final blow for many. The sad reality is this pipeline of closures is far from over."