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Report reveals impact cold weather had on SMEs

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by Kay Mitchell

A study by Lloyds TSB Commercial has revealed the impact the big freeze had on the UK’s small and medium-sized companies (SMEs) earlier this year.

According to the research, the coldest winter in decades cost SMEs more than £7 billion.

Seven out of ten small firms were severely affected with snow and ice hitting deliveries and resulting in the firms to close.

Meanwhile, almost a quarter said they were unaffected by the weather, while 7% said the cold weather had boosted trade.

Commenting on the research, Stephen Pegge, head of external affairs at Lloyds TSB Commercial, said: “Businesses have faced a double blow over the past few months. They have had to grabble with the downturn in trade as a result of the recession, as well as the impact of the severe weather conditions.”

Lloyds concluded companies in Wales suffered the most during the winter.

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News posted: March 16, 2010

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