Research conducted by the Association of Practicing Accountants (APA), a network of 17 advisory firms which represents around 14,000 businesses, found that 15% of 435 owner managed businesses are still in ‘survival mode’ despite the easing of many covid-19 restrictions.

It also found that 45% of those respondents reported that their turnover had reduced since the third lockdown was introduced in January, against 21% who had seen an increase over this period.

Worryingly 11% of businesses reported that it is likely they will have to make redundancies in the next three to six months, which puts a potential 1.85 million jobs at risk across the UK.