BUSINESS owners in Wokingham borough are being told to “act now” to avoid problems when the furlough scheme ends.
This is according to Garry Lee, regional chair of R3’s South and Thames Valley region.
The Coronavirus Job Retention Scheme closes at the end of next month, but Mr Lee is advising employers who are concerned about meeting wage commitments to seek advice now.
“[The Scheme] has clearly made an existential difference to thousands of companies in the South and Thames Valley which would have undoubtedly faced financial distress had the scheme not been available,” he said.
But with support measures coming to an end, Mr Lee fears that insolvencies will rise and “the true impact” of the pandemic will become apparent.
According to the British Chambers of Commerce, two thirds of British businesses have used the Government’s furlough scheme.
“Business owners in Wokingham can’t afford to put their heads in the sand,” Mr Lee added. “Taking advice early, rather than a ‘wait and see’ approach, will be the best way to keep job losses to a minimum, and could even be the difference which means the business remains viable.
“We would urge anyone in Wokingham who is concerned about the future of their business to seek advice from a qualified, regulated insolvency professional as early as possible.”
