A survey of businesses in Yorkshire within the tourism sector has found that over one quarter of them think that there is a good chance that they will go bust this year, due to the ongoing Covid-19 pandemic.

Welcome to Yorkshire and the Tourism Alliance carried out this comprehensive survey, and they have had feedback from 150 tourism companies across Yorkshire. The results show that a large number of these companies genuinely fear that they will not be able to keep going in 2022, with the latest Omicron variant of Covid-19 forcing further restrictions onto them.

A third of the firms that have responded to the survey so far stated that they have experienced drops in profits of over 50% since the beginning of the pandemic. Over half said that they do not even have enough financial reserves left to cover two months at this point.

Talking to Yorkshire-based professionals, such as a business accountant in Goole, could help firms in that situation to find ways of improving their cash flow.

Welcome to Yorkshire Chairman Peter Box told the Yorkshire Post that tourism was at the heart of the region’s economy, adding:

“This survey presents an opportunity for the industry to make a powerful case for further and sustained Government intervention.”

In total, close to 5% of firms taking part in the survey said that there was a strong chance that they would go under, while 26% said that the prospects of this worst case scenario happening were “quite likely”.