Coronavirus: 54 UK companies issue covid-19 profit warnings March 19, 2020 Since the start of 2020, 54 UK companies have issued profit warnings citing a potential hit to their results from coronavirus pandemic, according to analysis released today. Accountancy firm EY said there had been 25 profit warnings related to the coronavirus this week up until 5pm yesterday. Eighty-seven per cent of all profit warnings issued [...]
Treat customers fairly during coronavirus crisis, watchdog tells insurers March 19, 2020 Changes in how the public go about their lives because of the coronavirus pandemic must not make it harder for them to make insurance claims, the financial regulator has warned insurers. The Financial Conduct Authority (FCA) has urged firms to treat customers fairly and be transparent during the outbreak, noting that many consumers will be [...]
3i expects portfolio companies to be hit by coronavirus disruption March 19, 2020 3i expects the majority of its private equity portfolio to experience disruption to its business, as a result of the coronavirus outbreak. The group said the “modest short-term disruption” is a result of the country by country lockdowns. It expects a small number of other companies to be significantly affected in the short term, including [...]
The Gym Group puts expansion on hold due to coronavirus March 19, 2020 The Gym Group has paused its rapid expansion plans in order to retain cash as users and new members drop off amid the coronavirus crisis. The budget gym chain said this morning that daily usage has started to decrease over the past two weeks, new joiner members are lower than expected and cancellation numbers are [...]
City of London Corporation offers rent relief for tenants March 19, 2020 The City of London Corporation has adjusted rent conditions for some of its commercial tenants to provide financial relief during the coronavirus outbreak. The local authority, a major commercial landlord, is changing rental payments for March to June to monthly billing for directly managed premises instead of quarterly billing. In a statement, the Corporation said [...]
Coronavirus: Young’s offers rent holiday to tenants March 19, 2020 London pub chain Young’s this morning announced a three month rent holiday for its tenants to help them cope with the impact on trading from coronavirus. Young’s said it is expecting to close all of its sites at some point, although the government has so far only advised the public to avoid pubs. The company’s [...]
Playboy magazine stops printing due to coronavirus outbreak March 19, 2020 Playboy has said it will shut down its print operation for the rest of the year due to the outbreak of coronavirus. The US periodical, one of the world’s most famous magazines, said its spring issue — which hits newsstands this week — will be its last of 2020. In an open letter posted online, [...]
Tory MPs attack Treasury’s coronavirus response and call for ‘radical’ measures March 19, 2020 Tory MPs have told the government to start paying British workers’ wages directly and to ramp up benefits payments “today”. Conservatives from across the party said the chancellor’s response to the economic fallout from coronavirus had not gone far enough and would not prevent mass unemployment. Former business secretary Greg Clark said in the House [...]
Supermarket sweep: Spending data reveals shopper stockpiling and collapse in holiday bookings March 19, 2020 Brits are stocking up on essentials and holding off on booking holidays as the coronavirus pandemic sweeps the country, but they aren’t yet splashing the cash on takeaways, according to data from Starling Bank. The digital bank said customer spending at supermarkets was soaring to levels typically seen at Christmas, with warehouse outlet Costco entering [...]
Manufacturing industry calls for tax deferment as part of coronavirus package March 19, 2020 The British manufacturing industry is calling for an immediate deferment of VAT, PAYE and National Insurance payments as part of a package of measures to tackle the impact of coronavirus. As the prospect looms of thousands of skilled employees being laid off, industry group Make UK has called on the government to delay taxes as [...]
