Greatest Recession and the list of shops that can reopen and when
26 May 2020: The Government last week published a list of shops that can now reopen immediately. https://www.gov.uk/government/publications/further-businesses-and-premises-to-close/further-businesses-and-premises-to-close-guidance
To support these businesses, the Government have also published back to work guidance and a business recovery strategy.
Outdoor markets and car showrooms can reopen from 1 June 2020 and all other ‘non-essential shops’ can open from 15 June 2020 provided that they meet the necessary social distancing and hygiene standards.
Hairdressers, barbers, beauty and nail salons are to remain closed and will not reopen before 4 July 2020.
The Government are continuing to providing essential financial packages to support businesses such as bounce back loans and, as a result, the number of insolvencies in April 2020 was a third of those in the previous year. It is expected that the numbers of insolvencies in May will also remain low.
Even with all the support available, the Chancellor, Rishi Sunak, stated there is no guarantee of a quick bounce back and has warned that this is going to be the greatest recession on record.
Should you wish to discuss the financial position that your businesses is in and explore ways of survival out of this crisis, please contact one of our experienced management team.