William Eichler 16 July 2021

Small businesses took on five times more debt during pandemic

Small businesses took on five times more debt during pandemic   image

Independent businesses offer placemakers an opportunity to create a unique experience but need the support of central and local government, report says.

A report by Bill Grimsey, the former boss of supermarket chain Iceland and the DIY firm Wickes, has warned that thousands of independent high street businesses are at risk of collapse because of debt incurred during the pandemic.

It shows that independent businesses will emerge from the pandemic with almost five times more debt than they had before.

Mr Grimsey found that these smaller businesses felt ‘unsupported and unappreciated’ during the pandemic as they had to stop trading entirely while their larger competitors have been able to trade.

He also discovered that many independent businesses have lost trust in their local authority.

‘During the course of our discussions, we also saw how many felt targeted and discriminated against by their local authority and subsequently had very low trust in local democracy,’ he wrote in the foreword to the report.

‘We heard incredibly personal stories of how business partners were affected by the trauma and enormous stress of struggling to stay afloat during lockdown. In some cases the impact was so much that people drew up suicide pacts in the event of business failure.’

Despite unprecedented financial challenges, independent businesses have prioritized supporting local communities and maintaining the social fabric, according to Mr Grimsey, and should have a loud voice in central and local government.

SIGN UP
For your free daily news bulletin
Highways jobs

Housing Enforcement Officer

West Northamptonshire Council
£40316 - £43675
West Northamptonshire Council is currently seeking to appoint a Housing Enforcement Officer to join its successful Private Sector Housing Team. The Housing Enforcement Officer will have a varied workload across reactive private sector housing complaints, Northampton
Recuriter: West Northamptonshire Council

Technical Officer

Ashfield District Council
£29,777 - £32,076 per annum (pay award pending)
Do you have what it takes to be part of the solution? Sutton-In-Ashfield, Nottinghamshire
Recuriter: Ashfield District Council

PWT/Labour Support

Telent
Negotiable
You will be carrying out PWT (Protection Worker on the Track) duties and protect staff whilst on or about the track during engineering hours and to as England, London, City of London
Recuriter: Telent

PWT/Labour Support

Telent
Negotiable
You will be carrying out PWT (Protection Worker on the Track) duties and protect staff whilst on or about the track during engineering hours and to as England, London, City of London
Recuriter: Telent

Receptionist

Chelmsford City Council
£22,074 per annum, pro rata
The successful applicant must be organised and confident with a flexible approach and a proven track record Chelmsford, Essex
Recuriter: Chelmsford City Council
Linkedin Banner

Partner Content

Circular highways is a necessity not an aspiration – and it’s within our grasp

Shell is helping power the journey towards a circular paving industry with Shell Bitumen LT R, a new product for roads that uses plastics destined for landfill as part of the additives to make the bitumen.

Support from Effective Energy Group for Local Authorities to Deliver £430m Sustainable Warmth Funded Energy Efficiency Projects

Effective Energy Group is now offering its support to the 40 Local Authorities who have received a share of the £430m to deliver their projects on the ground by surveying properties and installing measures.

Pay.UK – the next step in Bacs’ evolution

Dougie Belmore explains how one of the main interfaces between you and Bacs is about to change.