By Ian McConnell

An estimated 35,070 Scottish small and medium-sized enterprises believe it is likely their business could close permanently in the next 12 months as a result of the coronavirus crisis, Virgin Money has concluded from recent survey findings.

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According to the research, published in its latest business pulse report yesterday, this figure would rise to 54,776 in the event that a second national lockdown were introduced.

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Virgin Money noted that, across the UK as a whole, its survey conducted in early September had revealed that around 24% of SMEs, nearly one million in total, consider it likely they could close if there were a second lockdown.

Based on the current situation, around 17% consider such a scenario likely.