Severe weather costs businesses £7bn
March 16th 14:47 Cost Management
Businesses in the UK lost out on £7 billion as a result of the severe weather conditions during the recent winter period, according to new figures.
Data from a Lloyds TSB report has shown that four per cent of businesses believe the cold snap cost them more than £50,000.
According to the study, 36 per cent suffered a £10,000 loss, while 13 per cent took a hit of between £10,000 and £30,000.
Stephen Pegge, head of external affairs for Lloyds TSB Commercial, said: "The combined impact of both the recession and winter will inevitably have caused cash flow problems for many businesses.
"They have had to grapple with the downturn in trade as a result of the recession, as well as the impact of the severe weather conditions."
Effective facilities management may have reduced the impact the weather had on some firms, as Lloyds attributed the financial losses in part to 37 per cent of businesses being forced to close for at least one day.
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