According to data obtained by accountancy firm Price Bailey from a Freedom of Information (FOI) request from the British Business Bank (BBB), of the 97,000 businesses with a turnover under £45m which applied for CBILS, over 1,000 have already defaulted on their loan repayments so far.

Out of the 1,000 that have defaulted nearly three quarters,74%, have loan terms of more than two years. Price Bailey estimated that the amount defaulted so far is around £259m.

Price Bailey’s analysis also found that businesses in the wholesale and retail industry are more than twice as likely to default on loan repayments with 185 defaulters of the 1,000 identified, than businesses in the accommodation and food services industry which had 73 defaulters.