Business News Round Up (16/10/2020)
British small businesses more upbeat than European neighbours
A new survey has found that the entrepreneurial spirit of British SMEs remains undiminished, with three fifths of respondents feeling optimistic about the future of their business despite the significant challenges they have faced in light of Covid-19. Although the study found 43% of UK small businesses were forced to temporarily close due to lockdowns, and 58% saw sales fall, 60% of UK owners remain hopeful for the future of their business, making the UK’s SMEs the most optimistic in Western Europe alongside the Netherlands. Germany’s small businesses are close behind with 58% of them saying they are optimistic for the future. French businesses, in contrast, have taken a far more pessimistic view, with just 35% expressing optimism.
https://www.bmmagazine.co.uk/news/british-small-businesses-more-upbeat-than-european-neighbours/
Over 1,000 UK tech start-ups out of business since lockdown began
Plexal and Beauhurst research has found that over 1,000 UK tech start-ups filed for administration, liquidation, or dissolution during lockdown. September 2020 saw the highest volume of UK tech start-ups going out of business, with 273 fast-growth companies filing for administration, liquidation or dissolution, the highest monthly figure in 10 years. Following artificially low monthly filings, September’s figure was an 181% month-on-month increase on August. Since the start of lockdown on the 23rd March, a total of 1,067 start-ups throughout the UK, as the effects of government schemes such as the CBILS, BBLS and the Future of Fund begin to diminish.
Covid creates mixed outlook for office demand
Office take-up in the third quarter in Scotland’s biggest cities remained mixed as senior figures in the sector insists there remains plenty of demand for space despite the home-working phenomenon. New figures from CBRE show demand in Edinburgh at the highest it has been since Q2 2018, helped by the largest ever pre-let deal recorded in Edinburgh, Baillie Gifford’s new HQ at Haymarket. It recorded 315,977 sq ft of office space transacted, a 135% increase from the same period in 2019 and 73% up on the five-year average. This brings the total take-up for 2020 so far to 473,483 sq ft, which is just 4.7% down on the same period in 2019, bringing levels more in line on a year-on-year basis.
https://dailybusinessgroup.co.uk/2020/10/covid-creates-mixed-outlook-for-office-demand/
UK Government helps over 79,000 businesses in Scotland
Businesses in Scotland benefitted from more than £2.9 billion of government support to protect and support jobs across the region, according to new figures. More than 76,000 loans have supported businesses across all sectors, protecting jobs. But the retail and construction sectors have benefitted the most, demonstrating how government support helped those businesses that were impacted hardest by the pandemic, helping to keep people in work. Similarly, the Self Employment Income Support Scheme has benefitted businesspeople across all sectors, with 126,000 people in Scotland benefitting from SEISS, with an average claim of £2,500.
https://scottishbusinessnews.net/uk-government-helps-over-79000-business-in-scotland/