Chambers Ireland and our nationwide network of chambers has today (30 April 2020) published results from a survey of the Irish business community. This survey seeks to quantify and highlight the impact of COVID-19 on businesses in towns, cities and regions across the country.
The headline results of today’s survey are:
Closures:
- 85% of businesses have closed to some degree with,
- 27% have scaled back activity
- 24% have front of house closed with staff working from home
- 34% have shut completely
- Only 15% remain open
Timeline to Reopening
- Most businesses say they will need at least two weeks’ notice to reopen
- 25% of businesses have said that it will take at least a month
- There is a small minority in agri-food, tourism, and hospitality which will have to wait until next year to reopen
Closure costs:
- For those businesses that are closed, typical weekly overheads are approximately €2,000
- 25% of firms have noted that overheads are greater than €5,000 per week
Cost of Reopening
- Of those that need to restock, the typical amount required is €3,000 with 25% of firms having to spend over €8,000 on restocking
- For physical distancing measures, the typical cost will be €2,000, with 25% spending in excess of €5,000
Decline in Revenue
- Of the businesses who have been hardest hit (those which have lost more than half of their revenue for the next three months), 60% project that their 2020 annual earnings will be less than half of what they were expecting at the start of the year
- 68% of businesses have invoices outstanding, with €40,000 being the median amount owed
Speaking this morning, Chambers Ireland Chief Executive Ian Talbot said,