Coronavirus update: the latest news from East Midlands businesses
Graham Mulholland has announced that his Derby-based Mulholland Composites Group is temporarily closing its operations.
Mulholland said the move comes as part of an effort to stem the spread of Covid-19.
He added: “The team have been fantastic, our customers have been fantastic, our suppliers have been fantastic – as we all pull together.
“Turning the lights off was a shocker, but we will be back stronger and with an exciting project to launch when the time is right to do so.”
Small business positivity about their future performance is being overshadowed by stress, anxiety and sleepless nights over access to finance according to research from Liberis, the Nottingham-based finetech firm
While 61% of small businesses in the UK questioned before the coronavirus outbreak were confident of success in 2021 and beyond, mental health and wellness issues are currently impacting almost nine out of ten (86%) as a direct result of difficulties in raising finance and managing cashflow within their business.
The research, which contrasted the attitudes and behaviours of UK small businesses with their peers in the US, found that 83% of business owners suffer from anxiety and 81% from sleepless nights as a direct result of worries over raising finance. A further 75% also said it had impacted their personal relationships. (This compares to 91%, 85% and 86% respectively for small businesses in the US.)
Financial concerns have also led to more than two thirds (69%) of UK small businesses feeling the need to forego personal obligations (dinner with friends, parents’ evenings, and even weddings) compared to 75% of small businesses in the US.
Liberis has its customer support operations based at Accelerate Places in Nottingham, from where it serves small businesses across the UK.
This is mirrored in a a recent poll by the Nottingham-based Corona Business Advice group revealing that over 50% of 250 respondents have lost all of their ongoing revenue stream.
The group was set up by Serena Humphrey of The F Word, Stuart Ross from High Growth, Greg Simpson from Press For Attention PR, Robin Johnston from Buckles and accountant Trudi Lilley from Lilley & Co.
The poll was concluded an hour before the Chancellor’s announcement on support for the self-employed on the evening of Thursday 26 March.
It also found a further 16% forecasting a loss of more than 75%. By the time the poll was closed, only 5% reported or forecasted zero loss.
