At the end of this week, the historic Honda factory in Swindon will finally close its doors with the loss of 3,000 jobs.
A direct consequence and unavoidable effect of this closure will be the loss of an estimated further 1,800 jobs from those businesses which were dependant on the Honda factory.
The closure was not a surprise as it was announced back in 2019 but that will not diminish the feeling of loss and fears for the future. It hoped that the employment fall out will be absorbed by other engineering businesses in the area.
Those businesses directly supplying the factory have had the opportunity, since the news of the closure was announced, to take any necessary steps to minimise the impact of the closure.
However, there will a number of other ancillary businesses in the area that will be adversely affected and we know from past experience that some business owners and directors do not always act early and decisively and bury their heads in the sand.
Sadly, there will be numerous people worried about what the future holds for them and whilst we are unable to allay those fears, what we can say to business owners and directors is that those businesses that fail to seek advice early enough will face potential business failure. Therefore, we urge any business worried about the future to contact us immediately for an initial zero-cost assessment by contacting Sam Talby in our Bristol Office.