CAPITALBOX IN THE MEDIA
68% OF SMES IN THE UK NEGATIVELY IMPACTED BY COVID CASH FLOW CRISIS
This article previously appeared in Startups Magazine
A survey launched by CapitalBox, has unveiled the devastating effects of the pandemic on small and medium businesses in the UK. In particular, the consequences of multiple lockdowns, the increase in household savings and shift in consumer needs, that has caused SMEs.
68% of SMEs negatively impacted by Covid cash flow crisis
This article previously appeared in Accountancy Daily
The majority of small and medium businesses feel that they have been sufficiently supported by the government during one of the hardest times we have had to face. We have seen an exponential rise in household saving during the pandemic due to closures of pubs, restaurants and shops which has in turn had a huge impact on small businesses that need our help to survive. They need the consistency of income and footfall.
COVID impacts almost 70% of UK SMEs
This article previously appeared in Capital.com
CapitalBox says that 34% of those affected had also been unable to re-invest in their business to help survive while a quarter had been unable to pay employees. The research numbers back the widely held belief that leisure and hospitality industries – right across Europe – had come off worst in the last 13 months.
SMEs in UK take heavy Covid cashflow hit
This article previously appeared in E&T
Covid-19 pandemic has had devasting effects across all industries, with SMEs in particular struggling to stay afloat. New research from CapitalBox - an online pan-European SME funding platform - has found that 68 per cent of UK SMEs have had their cashflow negatively impacted during the pandemic, with one in four businesses unable to pay their employees due to these frustrations.
68% of SMEs in the UK negatively impacted by COVID Cash Flow crisis
This article previously appeared in CCR Magazine
It comes as no surprise that the industry that has suffered the most across Europe is the hospitality and leisure sector – with 34% of SMEs in this space ‘very negatively’ impacted since the start of COVID-19. This is followed by those in utilities (32%), agriculture (22%), marketing and professional services (21%), construction (20%).
68% of SMEs in the UK negatively impacted by Covid cash flow crisis
This article previously appeared in London Loves Business
Those that have had their cash flow impacted said that they were unable to reinvest in the business to help survive the recession (34%), unable to pay employees (25%), have had to turn down work and client jobs (25%), and haven’t been able to cover debt or loan repayments (15%).