// Study suggests small retailers spending almost £22,000 to reopen after lockdown
// They have already reported an average loss of more than £250,000 due to the impact of Covid-19
Owners of small retailers are spending almost £22,000 on average to reopen after the economic lockdown, a new study suggests.
One in five small and medium-sized enterprises (SMEs) – many of which are retailers – are using their own savings to cover the cost of recovering from the impact of the coronavirus crisis, said Nucleus Commercial Finance.
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The extra costs come at a time when smaller businesses have already reported an average loss of more than £250,000 due to the impact of Covid-19, according to the research.
Implementing new health and safety measures was the biggest cost, as well as reconfiguring office or floor space.
Investing in new technology and introducing new contactless payment systems were a bigger concern for medium-sized businesses.
“The last few months have been a turbulent time for businesses both large and small,” Nucleus Commercial Finance chief executive Chirag Shah said.
“Not only has the loss of income been devastating for many SMEs, but those businesses that are able to reopen in some capacity now face significant costs to ensure they can operate safely, putting a further strain on business finances.
“We need to help SMEs not only survive the current pandemic, but thrive in the future.”
with PA Wires