BID wants more Government support for businesses in Leamington town centre following results of survey

Bid carried out the survey of a wide range of mostly independent retail and leisure businesses during the first week of April.

At that time, 88 per cent of those that responded were temporarily closed and 84 per cent had furloughed staff.

Some 85 per cent had seen a fall in revenue of between 80 and 100 per cent, with 95 per cent reporting a drop of more than half – and critically, taking account of existing support and grants available, 84 per cent were experiencing cashflow problems.

Under the current lockdown conditions, 78 per cent felt they could last no longer than three months without further support.

Stephanie Kerr, executive director of BID Leamington, said: “The results are stark and sobering but not surprising as they reflect our ongoing engagement with businesses in the town centre to support them through this unprecedented time.

“Critical concerns for businesses relate to cashflow challenges including rent, utilities and loan repayments, and attracting customers back.

“We are really grateful for the work that Warwick District Council has already done to make sure existing businesses that are eligible for government loans can access them.

“However, it is very clear that further government support is needed, especially if emergency measures are extended, as many have limited capacity to take on debt after facing numerous years of existing challenges.

“Immediate needs cited were more support from landlords, VAT reduction rather than deferral, additional financial support, including grants for those that were not eligible, and a phased end to furloughing to avoid future job losses.

“They are doing all they can to adapt to the immense challenges and, where possible, continue trading in some form and it is hugely important that we all continue to support them.”

Bid is echoing nationwide calls for help with rental payments, raising the rateable value grant threshold, and phased removal of wage subsidies, whilst continuing to work with Warwick District Council to ensure all eligible businesses can access government aid.

It is lobbying for further help for businesses as it continues to focus of all its resources on supporting the town centre and planning for when restrictions are lifted.

A key part of this is backing the nationwide #RaiseTheBar campaign launched to call on the Government to expand the rateable value threshold from £51,000 to £150,000 for all retail, hospitality and leisure businesses to enable them to access a £25,000 grant.

It is estimated that around 100 businesses in Leamington town centre would benefit from the threshold being extended.

Town centre businesses can visit www.bidleamington.com for information and support and are urged to make contact with the BID team for advice at [email protected].

For information on #RaiseTheBar visit www.raisethebarcampaign.co.uk and to support local businesses which are still trading visit www.loveleamington.com.