Businesses face a race against time to prepare for Brexit, advisers say, as the shock waves from the EU vote reverberate in Scotland.

Only one in four of 1000 businesses surveyed in the UK, France and Germany have a contingency plan and over half have never discussed it at board level, according to law firm Pinsent Masons.

Guy Lougher, head of a Brexit advisory team at Pinsents, said: “The uncertainties in a Brexit scenario are so great that there may be a temptation to do nothing until negotiations start to create a clearer picture. However, the days when a business can say ‘wait and see’ are gone.”

Mark Harvey, EY senior partner, said Scotland had last year seen record-breaking investment with a a 51% increase in Scotland. “Businesses will need to work alongside the government to ensure that this remains the case.”

Another market bloodbath yesterday saw RBS and Clydesdale shares down 15 per cent, Stagecoach off 16 per cent, Aberdeen Asset Management 11.5 per cent lower and Lloyds off 10.2 per cent.

Bill Nixon, managing partner of Maven Capital Partners in Glasgow, commented: “The only thing we know so far is that sterling is going to enable UK exporters to be more competitive into the eurozone, beyond that we don’t know anything.”

He added: “One concern is that any kind of suggestion of another independence referendum is likely to frighten off investors. Asset prices particularly in the property sector could see some erosion and projects could slow down because investors decide to sit on their hands.”

Mr Harvey said: “Businesses across Scotland must use the next few months to assess their position in terms of trade, their people and regulation. Communicating with staff about any potential employment issues that might arise, including the working and travel rights of European and UK employees, will be a high priority for many.”

He added: “Leaving the EU could also have repercussions for government policy in the coming months. For example, will the government support certain sectors through subsidies or tax relief? Companies need to consider how any new tax policies could affect their holding and financial structures.”

Giles Williams, financial services partner at KPMG, said: “The leave vote will send a shudder through the financial services industry. The harsh reality of the probable changes to passporting arrangements and market structure, our clients’ operating models and engagement with the wider economy across Europe will now sink in.”

Mark Pugh,UK asset management leader at PwC, said: “Some listed UK asset managers will be worried about the combined impact of volatility on their own share price alongside the impact on the value of the assets in their funds.”

Baillie Gifford said: “Our investment approach focuses on long-term fundamental factors and has weathered such periods in the past. We believe that the most important aspects of our business... will remain unchanged.”

Peter Michaelis, head of investment at Alliance Trust Investments, said: “The initial volatility we are seeing throughout global markets following the UK’s vote to leave the European Union will give way to calmer reflection on what it means for the long term prospects of the companies that we invest in.”