bank holiday

A Brexit Bank Holiday Could Earn Small Businesses An Extra £3bn

A Brexit Bank Holiday Could Earn Small Businesses An Extra £3bn

UK small businesses could earn an extra £3bn this bank holiday weekend, as UK shoppers choose to holiday at home. According to a report by Worldpay, the previous May bank holiday saw in-store card transactions rise 7% – compared to the same time last year. Particularly benefiting the services industry, pub spend was up 25% over a regular weekend, while restaurants (21%), tourist attractions (35%) and hotels (17%) also experienced increased footfall. Not surprisingly, the areas benefiting most from the long weekend are more traditional tourist spots such as Cornwall, Brighton and Edinburgh – where in 2016 spending increased by 11%, 6% and 5% respectively. It’s suggested that in a post-Brexit Britain, a higher cost of foreign travel will cause UK shoppers to holiday domestically.... »

Closing On Bank Holidays Could Cost Small Businesses £2,250 Each

Closing On Bank Holidays Could Cost Small Businesses £2,250 Each

UK small businesses could potentially lose £2,250 each if they opt to close on every bank holiday this year, according to a report by Yell Business. The survey of 1,500 small firms and 1,500 consumers revealed that just 26% of businesses open their doors on bank holidays – despite 86% of the public saying they specifically use the day to shop around. Just 42% of retail, catering and leisure businesses operate as normal – though its suggested many more should consider opening too. When divided by region, the Midlands sees the fewest amount of businesses open on bank holiday at just 16%, while Yorkshire sees the highest, with 37%. The remaining bank holidays in 2017 are as follows: 1 May Monday Early May bank holiday 29 May Monday Spring bank holiday 28 August Monday Summer bank holiday 25 D... »

Double Bank Holiday Could Cripple Cashflow

The ‘double bank holiday’ could cause cashflow problems for UK companies, warns IGF, one of the UK’s leading independent commercial finance companies. Cashflow could suffer over the two long weekends as many finance staff and signatories (company directors) will be bridging the two four-day weekends courtesy of the Royal Wedding and Easter by taking holiday for the intermediary three days, creating a mass absence from work for almost two working weeks. Small businesses should consider invoice finance – effectively, a cash advance on all invoices raised – to enable them to meet the challenge of any potential cashflow problems that arise over the Easter and Royal bank holiday period. Tracy Ewen, managing director at IGF, warns: “The Royal wedding could cause a right royal headache for ... »

Royal Wedding Bank Holiday Tube Strike: Least Disruption for SMEs

A future tube strike in London would cause the least disruption for the capital’s small businesses if it was held on a bank holiday, the Forum of Private Business (FPB) has said. The business group’s comments followed reports that industrial action from London Underground train drivers is likely to take place on the Royal Wedding day on 29th April. The FPB said if industrial action is planned, the Royal Wedding bank holiday was the best day to have it for small firms. “It would have the least effect on workers being able to travel and so would not damage London businesses as much as previous strikes.” said FPB spokesman, Phil McCabe. “Small businesses rely heavily on their key staff so if they are based in London a tube strike can be disruptive, although most office-based... »

Royal Wedding Bank Holiday “costly” for Small Businesses

The introduction of an extra day’s bank holiday next year so that people can celebrate the royal wedding will damage small firms’ productivity, the Federation of Small Businesses (FSB) has said. Following hot on the heels of a late Easter weekend, the extra day off on Friday 29th April 2010 will create a three-day working week. It has been reported that the additional bank holiday could cost UK businesses £6 billion in lost productivity. The FSB said that the timing of the royal wedding could be damaging for small businesses, with many workers taking authorised or unauthorised leave between the consecutive bank holiday weekends. “After the VAT hike in January, which could really slow consumer demand, many will be looking to a really strong Easter to get their business going,” s... »