Owners of small to medium-sized enterprises (SMEs) should have strategies in place for their retirement, research suggests.

According to data from Barclays Financial Planning, over 80 per cent of sole traders are without plans for their retirement, although nearly 50 per cent of those with retirement plans would consider selling their business.

"So many business owners have the financial security of their retirement tied up in their livelihood and it is essential that they plan early," said Stephen Ingledew, commercial director for Barclays.

"There is an alarming apathy among business owners, with so many yet to consider the future of their company when they retire," he added.

However, out of those questioned in the survey, 14 per cent confirmed that they would consider a management buy-out.

Barclays offers a range of financial products and services for personal and business clients, including current accounts and credit cards.