Night-time economy faces 'financial armageddon' with hundreds of thousands of jobs set to fall

The research reveals that 58% of operators in the space fear they will not survive longer than two months without further Government support, putting an estimated 754,000 jobs at risk.

Meanwhile, 71% of businesses surveyed say they are already set to make more than half of their workforce redundant in a matter of weeks.

The NTIA surveyed 361 night-time economy businesses, including nightclubs, pubs, bars, live music venues, to assess the impact of the Coronavirus pandemic after the Government enforced lockdown on the 23 March.

One third of responders reported that they have been able to re-purpose at a typical cost of around £10-30k, and with a dramatic negative impact on profitability.

While restaurants and pubs have had the green-light to reopen since 4 July, the night-time economy is yet to receive any clear roadmap from government on when and how it can reopen.

"These results feel like the final catastrophic blow to the night-time economy," says NTIA chief executive Michael Kill.

"These businesses cannot fight for their survival for much longer.

"The night-time economy employs 1.3m people in the UK and contributes £66bn to the UK economy per annum.

"Near enough every single business is on a dangerous cliff edge; this is the darkest of days for the night-time economy.

"Without immediate additional help and clear indication of when we can reopen we are facing financial Armageddon.

"This will result in the loss of one of the main cornerstones of Britain’s diverse arts and cultural tapestry.

"I implore the Government to act on this data. Give us a clear roadmap on when businesses can reopen and reassurance that the financial support will be there to keep businesses financially afloat in the coming months."