The National Hair & Beauty Federation (NHBF) today publishes, Hair, beauty and the pandemic: An industry at the sharp end.
The impact of coronavirus on business vulnerability and the potential for mitigating measures.
Commissioned from independent analysts Pragmatix Advisory by the NHBF, the report details the current situation for the industry, the strength of the sector prior to the pandemic and the urgent measures required to ensure that the majority of the industry survives, which long term will cost the Government very little.
However, the report also identifies:
Richard Lambert, NHBF chief executive says,
“Whilst the future could be bleak for the personal care sector, intervention now and immediately following re-opening will have a life-changing positive effect.
There’s nothing coming in, but the overheads still have to be paid. When we are closed, we are closed. We can’t diversify into takeaways and online sales.
The Personal Care sector is calling for a specific grant to support businesses through the immediate cashflow crisis, in line with similar funds that have been afforded to many other sectors, including the arts, hospitality and leisure, and the aeronautical industry, among others.”
He continues, “We also need support after re-opening to keep cash in these businesses so they can recover. The bigger businesses have been hit the hardest and are now the most vulnerable to failure. A targeted VAT cut to 5% would allow them to re-build, invest in staff and apprentices, and once again be the heart of their high streets and communities. We’ve shown this move will pay for itself, so it’s a cost-effective solution for the Government.
Right now, it feels like we are last in line for support, flippantly disregarded within Parliament and overlooked by Government, despite the billions of pounds we contribute to the economy each year.”
The NHBF, working together with the British Beauty Council (BBC), British Association of Beauty Therapists and Cosmetologists (BABTAC) and UK Spa Association, has been lobbying the Department for Business (BEIS), the Treasury and the Cabinet Office for an urgent Personal Care crisis fund and a reduction in VAT.
View the pdf HERE