To slow down the spread of COVID-19, many European countries have declared a state of emergency. As a result, many businesses in the hospitality industry have been forced to close their doors, likely for months to come. For bars, this means a full stop to their business, with no alternatives to generate income.
Seeing that many of these businesses are small, private enterprises – with an estimated average cash buffer of only about 20 days – weeks of closure will have far-reaching consequences due to lack of cashflow.
