Some 60% of businesses are set to go bust by September, putting an estimated 754,000 jobs at risk, according to a survey by the Night-Time Industries Association (NTIA).
The NTIA survey involved 361 of its members, which include operators of nightclubs, pubs, bars and live music venues, with the aim of assessing the impact of lockdown on their businesses. Some 71% of respondents said they are set to make more than half of their workforce redundant in a matter of weeks.
Michael Kill, Chief Executive of NTIA said, “These results feel like the final catastrophic blow to the night-time economy. These businesses cannot fight for their survival for much longer. The night-time economy employs 1.3 million people in the UK and contributes £66 billion to the UK economy per annum. Near enough every single business is on a dangerous cliff edge.
“Without immediate additional help and clear indication of when we can re-open we are facing financial Armageddon.”