Leading UK companies, the mayor of London and local authorities have joined forces to help small businesses affected by the recent riots.
The high street fund is designed to offer immediate cash support to smaller businesses across the UK. It is in additon to a £20m fund set up by the prime minister.
The fund will be made up of an initial commitment of £3m plus support from businesses including Barclays, BP, Capita, Deloitte, Lloyds Banking Group, RBS and Santander. The mayor of London has also pledged a donation of £500,000.
Mayor of London Boris Johnson said small businesses needed help immediately to get back on track. “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,” he said. “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.”
Association of Convenience Stores chief executive James Lowman said: “We welcome this additional support for London retailers on top of the fund announced by the prime minister for all retailers and the extension period for claims under the Riot Damages Act for uninsured and under-insured retailers.
“The focus now is on re-building communities, and convenience stores can be at the heart of this process.”
Retailers looking to apply for help through the fund can do so by calling the freephone helpline 0800 093 5858 or by logging onto its website.