Report reveals impact cold weather had on SMEs

a�?Report

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 A?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: a�?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.