Stephens-Scown3

Business survival and recovery

We are seeing increasing numbers of businesses being adversely affected by a sharp and immediate downturn in business as a result of Covid-19. If you are also experiencing difficulties you are not alone and that we will strive to help everyone through this difficult time. 

Rishi Sunak’s announcement on 17 March 2020 of a £350bn support package for business, with particular measures for the airline, retail and hospitality sectors. The measures include favourable loan arrangements, business rates holidays and grants. It is important that all businesses struggling in the current climate review the detail of the support offered carefully and seek to take advantage all the financial aid available. 

Beyond that, if your business is being impacted then you need to know what your options are for a) survival – reducing or managing your staff costs going forward and b) business recovery – how and when do you start work to ensure that your business prospers after the current virus crisis subsides?

Survival

The following are options to consider: 

  1. Speak to your employees to explain the situation and to see if they will voluntarily agree to reduce benefits, hours or pay at this difficult time.

To continue reading please log in or register

Need to reset your password? Click here

Stephens Scown

Stephens Scown

Stephens Scown
You can turn to Stephens Scown for help in your business, financial or family life. Sometimes it might be with an opportunity, sometimes a problem. Either way, you know you’re guaranteed friendly, honest and professional help from a team of legal experts who always have your best interests at heart. It’s a refreshing approach to law which has seen us forge long-lasting client relationships, some stretching back more than fifty years. Being passionate about the South West means we specialise in industries common throughout the region – food and drink, tourism, mining, green energy and more. But we also help a wide range of businesses with their day to day corporate and commercial affairs, from leases to employment, debt recovery to insolvency. And we’re there for those tricky moments in your personal life too – home moves, separation, employment disputes and more. With 270 staff and 50 partners across our three offices in Exeter, Truro and St Austell, we’re a law firm with a regional focus but all the benefits of a big city rival. No wonder legal industry bible Chambers describes us as a ‘dominant force’ in the marketplace, and we feature in The Lawyer magazine’s prestigious Top 200 rankings. You’ll start to feel the benefits of working with Stephens Scown from the moment you get in touch.