One in ten retailers is facing imminent collapse as the economic damage of the pandemic begins to accumulate according to findings of the Opinium-Cebr Business Distress Tracker. Anticipated business recovery time increases to 28 weeks, suggesting the longer lockdown persists, the longer it will take to rebuild Despite this, more than two-fifths of businesses (41%) report…

Scottish football clubs are being pushed to ‘brink of insolvency’ by coronavirus crisis despite good management and prior health according to a new report by Begbies Traynor. The report says that Scottish football club finances had gained unprecedented stability by the end of March this year, with none of the 42 professional clubs in Scotland…

Petitions to wind up restaurants increased by 165% last year with another surge expected once lockdown ends according to research by UHY Hacker Young. The research shows that the number of petitions to wind up restaurants over unpaid bills has jumped to 53 so far this year, up 165% from 20 in the same period…

The Insolvency Service has published its latest business insolvency statistics which have revealed that the overall numbers of business insolvencies dropped in the days immediately after the UK lockdown was applied. The short term effects of the lockdown show that during the first three weeks of March, prior to the UK lockdown on the 23rd…

New research from specialist bank Aldermore, has revealed that the Covid-19 pandemic has led to a 34% loss in business income for millions of the UK’s small to medium-sized enterprises (SMEs). Despite this, many business owners are fighting back against the impact of the outbreak on their bottom lines by reacting quickly and adjusting their…

The British Retail Consortium (BRC) says that there has been a record decline in retail sales as the lockdown bite hits businesses hard. On a Total basis, sales decreased by 19.1% in April, against an increase of 2.4% in April 2019. This is the worst decline recorded since the BRC monitor began in January 1995,…

Small and medium-sized (SMEs) businesses are concerned about the longer-term impact of the coronavirus storm, though many have benefited from the government support measures over the past month according to a new survey by chartered accountancy body ICAEW has found. The ICAEW asked its members both working in SMEs and servicing SME clients across the…

The government published new statistics that show businesses have to date benefitted from over £14 billion in loans and guarantees to support their cashflow during the crisis through schemes delivered by the British Business Bank. This includes 268,000 Bounce Back Loans worth £8.3 billion, 36,000 loans worth over £6 billion through the Coronavirus Business Interruption…

Businesses with supply chains that rely on Trade Credit Insurance and who are experiencing difficulties maintaining cover due to Coronavirus will get support from the government, the Economic Secretary to the Treasury, John Glen has announced. Trade Credit Insurance provides cover to hundreds of thousands of business to business transactions, particularly in non-service sectors, such…