Exclusive: Majority of hospitality businesses in UK on brink of collapse City exclusive Covid-19 has pushed the majority of UK hospitality businesses to the brink of closure, according to new research shared exclusively with City A.M. today. More than three fifths (63 per cent) have experienced a decline in demand for their goods or services since the beginning of the pandemic, while 67 per cent have seen their [...]
Exclusive: Millions of small businesses vulnerable as £672bn of business loans go unprotected exclusive Around £672 billion of corporate borrowing by SMEs is unprotected, which could leave businesses vulnerable to any future financial shocks. New data from Legal & General, shared exclusively with City A.M. this morning, shows that three in four of all small and medium size businesses in the UK are carrying some form of corporate debt, [...]
Small businesses won’t survive 2022 without Christmas bumper, research shows SMEs Almost one fifth of small and medium-sized enterprises (SMEs) will not survive 2022 without a Christmas bumper period, as around 36 per cent of businesses make 20 per cent of their annual revenue during the festive period. Research from business insurance provider Simply Business has highlighted how two thirds of business owners believe a good [...]
SMEs with young business owners saw stronger pandemic performance September 7, 2021 New data has revealed that the age of business owners had a “major impact” on the performance of companies during the pandemic. Companies with younger leaders at the helm reported lower reductions in turnover according to a report on small and medium sized businesses published by AXA. In 2020 companies run by decision makers who [...]
Thousands of UK small businesses ‘can’t repay Covid loans’ August 10, 2021 Thousands of SMEs that received government Covid loans and the furlough scheme can now not make repayments amid limited cash flow, a survey of small businesses out today shows. The survey projected 59 per cent of SMEs in the UK, amounting to around 3.5m businesses, used government loans or furlough schemes during the pandemic. The [...]
Small businesses will drive recovery if they can access the right finance July 22, 2021 Having reached ‘Freedom Day’ this week, it would be gratifying to think that the small businesses that power our economies in the UK are on the path to a sound trading recovery. Economic indicators, including our own Global Economic Conditions Survey for the last three months, are reporting a strong rebound in the UK economy [...]
British SMEs exposed to substantial debt stress July 13, 2021 British small and medium sized businesses are exposed to substantial debt vulnerabilities as a result of the Covid pandemic, according to the UK financial system’s watchdog. The Financial Policy Committee said in a report published today that though UK corporate debt vulnerabilities have only increased modestly, they have “been more substantial… among small and medium-sized [...]
FSB calls for govt to bridge 18-day gap between Covid support and full reopening June 28, 2021 The Federation of Small Businesses (FSB) has made a last urgent appeal to the government to help small firms by bridging the gap between the end of Covid financial support this Thursday and the July 19 full reopening. Full furlough, business rates exemptions and deferred VAT payments will all end on Thursday July 1, eighteen [...]
TfL pledges to make London world’s ‘most walkable city’, which could aid SMEs May 27, 2021 TfL has pledged today to make London the world’s ‘most walkable city’ and will programme 18 pedestrian crossings to show green walking signal until traffic approaches. The programmed crossings are set to prioritise people walking and will be installed by the end of next month. Six crossings have already been programmed in Tower Hamlets, Newham, Hounslow, [...]
Covid: London SMEs lost around £100,000 more than businesses elsewhere in the UK May 27, 2021 It is safe to say that UK SMEs have taken a large blow to finances since the Covid-19 pandemic closed shop doors, with 82 per cent feeling the tightening purse strings, according to freelance platform Fiverr. On average, UK SMEs have lost just under £192,000 in revenue in the last 12 months – while just [...]