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SMEs lose £2.2 billion as customers fall into administration during lockdown

News Team, 09/10/2020

SMEs across the UK are counting the cost of the lockdown as they prepare for a testing final quarter of 2020.

Risktech business Nimbla, surveyed 2,000 UK SMEs and found that £2.2 billion in revenue (for goods and services provided during lockdown) has been lost because those customers fell into administration. A number that is set to increase dramatically over the course of the next year.

More than a third (38 percent) of SMEs are still waiting to be paid an average of £59,013, for work they completed before the lockdown. 

Worryingly, a fifth (21 percent) of these companies believe they will never recov...


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