Scottish Family Businesses Among The Worst Hit By Pandemic

Posted on: 26 April 2021

Scottish Family Businesses Among The Worst Hit By Pandemic

According to new research, Scotland’s family businesses have been among the most impacted in the world by the pandemic.

KPMG's Global Family Business Report questioned almost 3,000 family-owned firms around the world, including many leading companies in Scotland, exploring how Covid-19 has hit revenues and growth plans.

The data shows that Scottish companies are among the most impacted, with 80% saying coronavirus has affected revenues – 11% higher than the global average.

Meanwhile, UK family-owned businesses say their priority strategy throughout the restrictions has been making use of the furlough scheme.

Across Europe and the Americas, most companies said their priority was adopting remote working practices, while in Asia and the Middle East the top strategy was freezing recruitment or cutting staff numbers.

Described in the report as the backbone of the Scottish economy, family-owned businesses contribute billions to Scotland’s finances. The top 100 alone employs more than 112,000 people and generates turnover above £20bn.

Family-owned bus business McGill's - run by James and Sandy Easdale - has largely bucked the pandemic trend

Kirsty Ross, KPMG’s head of family business in Scotland, said:

“The last few years have taken their toll, from Brexit to the pandemic, but there is a constant theme throughout this.

"When I speak to business leaders, they tell me that they’ve been here before - generational insight and history enables family companies to look back at past challenges and learn from each other.”

This article appeared in Insider.

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