October 3, 2022

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Small businesses to see short-term boom during Queen’s Jubilee weekend

2 min read

It’s been a challenging few years for UK businesses. Small, independent enterprises in particular have had to endure one setback after another, often with stretched resources and limited access to finance.

Tanya Giles, Regional Manager and Head of SME at leading trade credit insurer Atradius UK explains that The Queen’s Platinum Jubilee and associated celebrations will offer a welcome relief for many. And with the extended bank holiday weekend and changes to licensing hours for pubs and restaurants, businesses in the tourism, leisure and hospitality sectors can expect to feel the biggest difference.

During last month’s Easter bank holiday weekend, consumer spend in UK bars and nightclubs was up by almost three quarters compared to 2019 figures, according to data from Barclaycard Payments. With this in mind, license holders with extended trading hours from 11pm to 1am will be hoping to attract new and existing customers from their local communities over the next few days. The same can be said for restaurants and cafes, which have an opportunity to be at the heart of ongoing festivities and street parties.

The hospitality sector has shown immense adaptability over the last two years and this weekend is set to be no exception. Initiatives introduced during the pandemic such as offering outdoor dining spaces, takeaway delivery options and meal box kits helped keep revenue coming in for many. This adaptability should be put into full effect this weekend if businesses are to capitalise on the UK-wide celebrations.

And we mustn’t forget online. Unlike other sectors, e-commerce has fared incredibly well over the past few years and continues to provide a quicker and simpler route to market. This is another area where SMEs have proved incredibly adaptable, with many in-person businesses moving to sell products online via websites, online marketplaces and through social media. We often see a spike in consumer spending over bank holidays, and this is set to benefit…

Business Matters

2022-06-01 00:16:23

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