Cold winter 'cost UK SMEs £7bn'
Commercial insurance
18th March 2010
Small and medium-sized enterprises (SMEs) in the UK lost more than £7 billion in total as a result of the big freeze this winter, it has been estimated.
Lloyds TSB Commercial asserts that one of the coldest seasons in decades has impacted 70 per cent of such businesses.
Research by the company found 39 per cent of respondents had been forced to close their premises or had their operations cut off by the snowy and icy conditions, while 42 per cent found supply channels or delivery routes disrupted.
Stephen Pegge, Lloyds TSB Commercial head of external affairs, commented: "The combined impact of both the recession and winter will inevitably have caused cashflow problems for many businesses."
He advised small firms to take steps to mitigate the potential impact of severe weather on their operations and to ensure that they recover swiftly from any disruption or financial loss.
SMEs seeking a UK insurance policy may also be interested to learn figures released by the Federation of Small Businesses and ICM last month indicated one in seven employees failed to make it into work during the big freeze this year.
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