Revealed: The pandemic's impact on Richmond businesses
By The Editor
16th Sep 2020 | Local News
The shock of Covid-19 on business in Richmond has been laid bare in a new survey.
Impact on cash flow, falls in customer demand and meeting fixed costs were the main issues raised by more than 200 businesses in a Richmond Council survey.
Launched in July, the survey aimed to identify the support urgently needed by firms affected by the pandemic.
The council's lead member for business, Cllr Richard Baker, said the council will launch a new support programme this Autumn which focuses on start-ups and early stage business.
"The long-term economic impact of coronavirus will not be known for some time, but it is clear thousands of businesses have been affected and the knock-on impact on employment could be felt in our borough for years to come," he said.
Survey findings
Shops and businesses across Richmond closed for many months in March when a national lockdown was imposed.
As a result, 91% of the businesses were financially negatively affected with 63% having to furlough staff.
The survey also showed that businesses in Richmond have been taking the initiative and using the support provided.
- 57% said they used the government's furlough scheme
- 30% received a Business Rates Holiday
- 23% received a cash grant for the Retail, Hospitality and Leisure sector
- 31% got a Small Business Grant.
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