£3 million to help riot-hit businesses
25 August 2011 10:15
A coalition of businesses, supported by London mayor Boris Johnson, announced a High Street Fund offering cash support to smaller firms hit by the disturbances.
Firms including Barclays, BP, Lloyds Banking Group, Deloitte, RBS, Capita and Santander will contribute to the fund, with half-a-million pounds put in by the mayor.
Sir William Castell, chairman of the High Street Fund and chairman of the Wellcome Trust said: "This fund is about providing real help to businesses who need help now.
"Everyone was shocked at the damage caused by the riots, and for numerous small businesses the hardship is still being felt. The High Street Fund will be the channel for the British business community to rally round and aid smaller businesses caught up in the disturbances."
Mr Johnson said: "I have seen at first hand businesses showing remarkable resilience and true fighting spirit.
"However, it is no secret that many high streets in the capital are still suffering as a result of the appalling events earlier this month. Small businesses need urgent help to repair damage and get goods back on the shelves and the High Street Fund will help to do just that.
"I have absolutely no doubt that if we pull together and give our support to the fund, we can ensure that London emerges as a stronger and even more prosperous city than before."
Mr Johnson said he will personally contribute to the new fund, which he stressed was being set up in addition to other offers of financial help being offered by the Government.
The fund is aimed at small firms, which will receive up to £2,000 to help repair damage or pay staff wages.
Several hundred firms in London alone are expected to apply, with the first grants likely to be paid out next week.
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