Member Article

Cold weather has long lasting effects on retailers.

Consumers may have already forgotten last winter’s cold snap, but many businesses are still feeling the effects of the harsh winter weather.

Trading conditions for many retailers have been difficult since the recession hit in 2008, but many have been able to hang on to business – that is until the adverse weather had a negative effect on trading conditions.

In advance of the next ‘quarter day’, on which businesses have traditionally paid their rents, it has been predicted that many businesses could be going into administration.

Many high profile firms gone into administration on these days which fall in March, June, September, especially in the retail sector.

Linda Farish, director of Newcastle-based accountants RMT believes that many businesses will now struggle to meet their rent repayments after drawing together the last of their resources to make the last payment date in March.

She also went on to recommend that if firms think they will face problems, they must immediately take decisive action. She said:

“Landlord issues can arise with companies of any size, from independent traders to chain stores and any business owners who think they might be in a similar situation shouldn’t hold back in seeking professional advice from a qualified insolvency practitioner, as there are often measures that can be taken to help address the situation.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .