UK Liquidators: Businesses in Stamford and Lincolnshire facing tough restrictions in Tier 3
As England emerges from the second national coronavirus lockdown, a new tier system has come into force across the country.
Businesses now face further ongoing restrictions to trading, and the situation could signal the end for some.
Stamford and the wider Lincolnshire area have been placed in the highest level, Tier 3, which has been further strengthened from the previous system of tiers.
So how can businesses in the county survive this pandemic?
Emergency funding via the government-backed loan schemes remains available until January 31.
The furlough scheme has also been extended until the end of April, providing valuable support for employers.
But what does Tier 3 now mean for businesses in Stamford and Lincolnshire in general, and what can you do to help your business survive?
Tier 3 restrictions for businesses in Lincolnshire...
- Non-essential shops, hairdressers, nail salons, and beauty salons can all open
- Gyms, leisure, and sports facilities, can remain open (apart from indoor fitness and dance classes)
- Wedding ceremonies are allowed but there is a limit of 15 attendees; wedding receptions cannot take place under Tier 3
- Hospitality businesses must close apart from those offering delivery, takeaway, drive-through, or click-and-collect food and drink services
- Indoor entertainment/tourist venues must close, including any indoor attractions within outdoor entertainment venues
- Hotels, B&Bs, guest houses, and campsites, must close
Tiered restrictions also apply over the Christmas period, so if Lincolnshire remains in Tier 3 they are likely to cause further rapid decline for businesses in some sectors.
It is important to act quickly in this situation and from our office in Lincoln, UK Liquidators are committed to helping directors and stakeholders through the crisis.
We will provide reliable advice and practical support, assessing your business’ position and presenting tailored, actionable options.
Here are just some of the ways our Lincoln office can support you during this challenging time...
* Emergency finance: We can help you apply for the Coronavirus Business Interruption Loan Scheme (CBILS)/the Bounce Back Loan Scheme (BBLS), or other sources of funding if more appropriate. We have contacts with alternative lenders around the country, including invoice financiers and asset-based lenders.
* Insolvency advice: Our team of licensed insolvency practitioners can advise you on any suitable rescue and recovery options, and ensure you meet your legal obligations if your business has entered insolvency. If liquidation is the only viable course of action, we can act as liquidators.
* Restructuring support: Your business may be experiencing significant pressure from creditors, but you may be able to enter an official procedure that protects it from legal action – company administration, for example, or a Company Voluntary Arrangement (CVA).
For more information and professional advice on how to deal with the effects of Tier 3 on your business, you can arrange a free, confidential consultation with your local UK Liquidators office in Lincoln.