A 5th of SME's may fold

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A fifth of SMEs may fold A report from Be the Business and research firm Opinium suggests one in five SMEs may have to close down permanently because of the COVID-19 pandemic. A poll of 500 businesses shows that 7% of small businesses have stopped trading, while a further 12% of respondents are likely to close within a month. Almost a quarter of respondents had made or were planning to make redundancies, while almost 40% expect to close temporarily because of coronavirus. Tony Danker, chief executive of Be the Business, said: “Coronavirus has impacted almost every business in the country and many are finding it difficult to know what to do next.” He added: “Businesses owners we’ve spoken to aren’t just concerned about the financial implications. They are also focusing on the wellbeing of their employees who have been furloughed or are having to work in completely new ways.” James Endersby, chief executive of Opinium, said the coronavirus crisis has forced many businesses into “uncharted territory”, adding: “It’s an unbelievably challenging time for so many, and the Government measures to support businesses are clearly much needed.”

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