AA attracts rival bids from private equity firms August 4, 2020 Driving association the AA confirmed this morning that it is in talks with three private equity firms over a potential sale. Centerbridge Partners Europe an Towerbrook Capital Partners, acting jointly, have approached the firm. Platinum Equity Advisors and Warburg Pincus have separately approached AA with possible cash offers for the company. “The potential offerors have [...]
Business travel firms call for government help to avoid 10,000 job cuts August 3, 2020 The UK’s business travel sector has called on the government to provide it with an emergency rescue package to help prevent up to 10,000 jobs being lost this year. The chief executive of industry body the Business Travel Association (BTA) has written to chancellor Rishi Sunak, transport secretary Grant Shapps and business secretary Alok Sharma [...]
Thomas Cook buyer Hays Travel to slash 878 jobs August 3, 2020 Hays Travel, which bought Thomas Cook last year after the holiday firm fell into administration, will cut 878 jobs. Nearly a fifth of its total workforce of 4,500 will be made redundant through the cuts as the travel industry continued to suffer the effects of the coronavirus pandemic. In a statement, owners John and Irene [...]
Tui bolsters finances with $226m sale and leaseback deal for 737s August 3, 2020 Package holiday firm Tui has agreed a sale and leaseback for five new Boeing 737 Max-8 aircraft with BOC Aviation Ltd, which will raise $226m (£173m) for its finances. The firm said that the deal was part of its “asset right” strategy, which will see it sell existing assets to finance the purchase of new [...]
British Airways owner IAG seeks €2.75bn raise after €3.8bn loss July 31, 2020 British Airways owner International Consolidated Airlines (IAG) today confirmed it will seek to raise a huge €2.75bn (£2.49bn) to act as a coronavirus buffer. Major 25 per cent shareholder Qatar Airways has committed to participating in the raise, and will get two non-exec board members in exchange for its support. IAG said the cash will [...]
Government imposes quarantine on travellers from Luxembourg July 30, 2020 The government has imposed a 14-day quarantine on people returning from Luxembourg after an increase in the number of coronavirus cases in the country. In a statement this evening, ministers said that from midnight tonight those arriving from the country would have to self-isolate for 14 days. It said that there had been “a consistent [...]
Tui to close 166 high street stores and cut 270 jobs July 30, 2020 Package holiday firm Tui will close 166 of its high street stores, it announced today, after a slump in the travel sector caused by the coronavirus pandemic. The tour operator said that the decision will impact 900 jobs, but only 270 of these are at risk of being cut. Tui will try to move the [...]
Renault plunges to record €7bn loss as pandemic shrinks sales July 30, 2020 French car giant Renault fell to a record loss of €7.4bn (£6.8bn) in the first half of 2020 as the coronavirus pandemic decimated the global automotive industry. The firm said that most of the loss came through its creaking alliance with Japanese automaker Nissan, which filed a €4.8bn loss. Speaking to investors today, new chief [...]
Carmakers shed 11,000 jobs as production set for worst year since 1957 July 30, 2020 More than 11,000 people in the automotive industry have lost their job in the last six months due to coronavirus, as the sector heads for its worst year of car production since 1957. According to new figures from industry body the Society of Motor Manufacturers and Traders (SMMT), just 880,000 cars are expected to be [...]
Rolls-Royce reportedly mulling £1.5bn rights issue to counter aviation slump July 29, 2020 Engine maker Rolls-Royce is reportedly considering a share issue to raise up to £1.5bn after the slump in aviation due to the coronavirus pandemic left a large dent in its financial position. Earlier this month the engineer, which makes engines for the Boeing 787 and Airbus 350 planes, reported cash outflows today of £3bn for [...]