Saturday could be a record day for consumer-facing businesses across Lancashire as fans cheer on England against Sweden.
But with Britain basking in a heatwave and peak holiday season looming, businesses must act now to ensure they score this summer, said Martyn Kendrick regional director for Lloyds Bank.
As England make the knockout stages of the World Cup, it’s not only football fans that have a reason to celebrate. In fact, Bank of England chief economist Andy Haldane has suggested that the nation’s consumer-facing firms could receive a welcome boost from the feel-good factor that football fever is creating.
Martyn said: “Lancashire’s pubs and restaurants look set to benefit the most when England face Sweden on Saturday afternoon as people flock to locations that are showing the match.
“Food retailers could also prosper as people host World Cup barbecues and parties.
“Yet with the reports that the current heatwave could last for another two weeks and the peak holiday season yet to get under way, there is potential to for businesses to reap the benefits of summer. Later this month, families across the county will be out and about spending money as the holidays get underway in earnest.
“Investing ahead of time will be key to these companies’ success. It’s vital that they pay attention to whether they have a good range and supply of products and the sufficient cash flow to take advantage without overtrading.”
But he warned to invest within such a short time frame, firms needed to ensure that they had sufficient working capital available.
“This is essentially assets before they are turned into cash, such as stock or unpaid invoices. At Lloyds Bank, we’ve developed a specialist working capital management tool that helps firms to evaluate their cash flow.”