Bristol's business community saw major highs and lows in 2008.

In February, all eyes were on plane maker Airbus as it revealed it had won a £20-billion order from the US Government.

The Filton firm was chosen over Boeing for a new range of tanker planes for the military.

But patriotic tantrums in the US Senate meant questions were raised over the bidding process in July and the competition for the deal started all over again, and is still undecided.

One of Bristol's largest companies, Somerfield, revealed in April it was in talks over a £1.6bn takeover by rival Co-Op.

Somerfield has 955 stores across the UK and is the country's fifth largest grocery chain. It employs more than 1,500 people at its Bristol headquarters in Whitchurch.

In May, student accommodation firm Unite scooped the top Business of the Year accolade at the Post Business Awards.

Its innovative, all-inclusive weekly renting scheme for students won over judges, at the second annual awards.

In June, Imperial Tobacco stunned Bristol by announcing the closure of its cigar factory in Winterstoke Road, with the loss of 75 jobs.

The cost-cutting measure, which saw work transferred to Spain marked the end of tobacco production in Bristol after 200 years, although Imperial retains its HQ in Southville.

In September, the future of Bristol's shopping offer took a massive step forward with the unveiling of the £500-million Cabot Circus development.

With a million square feet of shopping space, and names such as Harvey Nichols among the retailers, it has injected an exciting new boost of optimism into the centre of Bristol.

The same month, Airbus announced it had agreed a £300m deal to sell off its manufacturing base at Filton to GKN, in a deal which safeguarded 1,500 jobs for Airbus workers.

In October, Rolls-Royce staff at Patchway welcomed Princess Anne as she opened a new multi-million factory at the plant in Patchway.

The plant is the final part of a £75m overhaul of the complex which employs 3,600 people. As the Princess Royal unveiled a plaque, a Spitfire and a Eurofighter flew overhead.

According to bosses at Rolls-Royce, the opening of the new factory was testament to the engineering company's faith in its Bristol workforce and a declaration of its commitment to the city for the foreseeable future.

But the ongoing impact of the credit crunch has also seen household names fall by the wayside.

MFI and Woolworths both went into administration in November, after struggling to find their niche on the high street.

MFI employed 60 staff across three local stores in Weston, Cribbs Causeway and Brislington, as well as about 100 people at its Avonmouth distribution centre.

Woolies has 12 stores across the Bristol area which employed 529 staff – all of whom will have lost their jobs by Monday.

Other casualties included music retailer Zavvi and studio photographers Olan Mills.

But what about the future? City analysts believe the first two months of 2009 could see as many as 10 more high street chains go under.

House prices are also expected to plunge further, so we're in for a bumpy ride.