Latest Chambers Ireland Survey Highlights Costs to Business in Reopening and Calls for More Support from Government

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,

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