The survey (taken by Further and Higher Education members) additionally found that all respondents are achieving less than 20% income in their retail outlets, compared to pre-COVID levels, and 75% are achieving less than 10% income in hospitality. 62% of its respondents had more than 10 outlets open at the start of the 2019-2020 academic year (pre-COVID), whereas only 6% of respondents have more than 10 outlets open now.
Additional questions asked included use of the government furlough scheme – which revealed 56% of members currently have staff utilising the scheme - and 60% of members currently have more than 50% of staff (including academic staff) working remotely.
When asked what actions members have taken, or are planning to take, to increase revenue and minimise costs, 75% of respondents selected recruitment freezes, outlet closures, redeployment of staff and the move to cashless.
Full survey results can be downloaded below. If you have any questions or concerns about the impact of COVID, please don’t hesitate to contact us. Don’t forget, if you are a member you can also utilise the TUCO forum to share how you’ve overcome the challenges and gain advice from your peers.