Independent high street businesses could face a “tsunami of closures” after their debt climbed to almost five times the level it was before the Covid-19 pandemic, as shops, hairdressers, bars and restaurants battle to survive.
About 150,000 small businesses have racked up £2.3bn in debt, up from £500m before the pandemic, based on government-backed loans and not including rent debt, according to a report from Bill Grimsey, the former boss of Wickes and Iceland, who has backed a series of investigations into the state of the high street.
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