Help must continue to prevent collapse of thousands of small businesses, chairman says

Analysis has also shown a surge in limited companies going bust being mirrored by a drop in new firms setting up.

Federation of Small Businesses (FSB) national chairman Mike Cherry said: “These figures just go to highlight the scale of the challenge that small businesses right across the country are facing.

“There is a huge package of support available to those who need it, and in most areas, that package is doing its job in giving small firms who are facing difficulties the help that they need.

“But there is always more that can be done.

“The cash grants being issued by local authorities are reaching small businesses, but for many councils, at least a third of small firms are still waiting to get the money into their hands.

“Councils must not delay if they are to prevent the collapse of thousands of small businesses.

“These are hugely worrying times for small businesses and for many this is going to be a difficult period for much of the year.

“If we want to prevent more small firms who are the backbone of the British economy, from going under, then the right support must always be available.”