One in three SMEs forced to close due to Covid-19

Nearly three quarters have seen their income reduce

Adam Saville
clock • 2 min read

Nearly a quarter of retailers and hospitality firms do not know when they will reopen doors

Research by carried out in the UK's small business sector has revealed that 35% of small-to-medium enterprises (SMEs) said they had closed their business as a result of the Covid-19 crisis. According to the Small Business Monitor from WorkLife - a new employee benefits service from OpenMoney - while 18% said they were planning to reopen, 17% said they were unsure when they would be able to get back to work. The research found that the retail and hospitality sectors were worst hit, with 24% saying that they did not know when they would be up and running again. Almost three quarters ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Employee Benefits

Broadstone boosts employee benefits division

Broadstone boosts employee benefits division

Increasing demand for more flexible benefits

Jaskeet Briah
clock 04 October 2024 • 3 min read
Businesses "flying blind" on mental health support

Businesses "flying blind" on mental health support

Barnett Waddingham research shows

Jaskeet Briah
clock 23 September 2024 • 3 min read
Spectrum.Life signs AI partnership

Spectrum.Life signs AI partnership

Improving health outcomes

Jaskeet Briah
clock 19 September 2024 • 1 min read