Business (coronavirus related)

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Chippy_Tea

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Its easy to blame coronavirus and it sounds like a bit of a cop out surely if Laura Ashleys business was rock solid they wouldn't have folded so quickly.



Fashion and furniture chain Laura Ashley has become the latest business casualty of the coronavirus pandemic.

Just two weeks after regional airline Flybe collapsed, the retailer has said it will have to call in administrators putting 2,700 jobs at risk.

It is one of the many firms reeling from the impact of the coronavirus, with the government advising people to avoid unnecessary contact with others.

The collapse comes as the chancellor prepares fresh support for companies.

Firms from many industries including airlines, retailers, restaurants, theatres and pubs have said the virus has pushed them to the brink, with several warning of imminent collapse without government help.

Chancellor Rishi Sunak has already announced a £12bn Budget package to help businesses deal with the crisis, including business rates relief for small firm and a new hardship fund.

But he said in his Budget speech he would "not hesitate to act" if more was needed, and he is expected to unveil new financial measures in the government's daily briefing on the outbreak on Tuesday afternoon.

https://www.bbc.co.uk/news/business-51927691
 
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the baron

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I think they were in dire straits before the virus just a easy blame game for bad management as its never their fault. No business goes under if it is financially viable in 2 weeks
 

GerritT

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Normal households are expected to survive at least months without income, yet multinationals fold at the drop of a hat.
 

Chippy_Tea

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Nissan suspends Sunderland production as virus takes toll on demand
The car maker notes a sharp fall in demand as the coronavirus crisis makes an impact on a growing number of factories.
Nissan has announced that production at its Sunderland plant has been suspended as the coronavirus crisis deepens.
It made the revelation just a day after Vauxhall's parent firm said it was to temporarily shut down output at its Ellesmere Port and Luton plants.
Nissan, which employs around 7,000 workers at the Wearside plant, said other action could follow given the scale of the disruption to the global economy though it refused to say whether that included the possibility of things like job losses.
Its statement said: ""Vehicle production has been suspended today in Nissan Sunderland Plant.
"Further measures are currently under study as we assess supply chain disruption and the sudden drop in market demand caused by the COVID-19 emergency".
A growing number of car plants are closing down across Europe as measures to fight the spread of COVID-19 take effeect.
The world's largest car manufacturer said on Tuesday that it was preparing to close its factories to slow the spread of the coronavirus.

https://news.sky.com/story/vw-prepares-to-close-factories-due-to-coronavirus-11958812
 

Petrolhead

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There seems to be a vast difference in the affect the virus is having in various areas with call centres, Amazon, the supermarket delivery companies having unprecedented demand and yet airlines, theatres, and such like having catastrophic collapse in demand.

I work in a small company of 8 employees in the film and TV industry across the world. Last Thursday we were flat out, needed extra staff and were working extended hours much like we have always worked. Friday we started hearing of productions which had closed, those which were closing and rumours of others which were about to close. Monday emails and calls to the office were almost non existent, Monday night the owners had to have an emergency meeting and told all staff to remain at home today, with the exception of a plan to cover calls and emails, and today everyone was laid off to protect the business.

In some ways we are lucky that everyone understands the situation and is willing to help hold the fort even though they are not being paid. We are a tight team. However, the difference in less than 48 working hours is mind numbingly shocking and I am sure many sectors would not believe and have never suffered such an impact.

I hope we have got this virus and the way we have handled it right.
 

MmmBeer

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Having worked for a company that collapsed a few years ago, I found out how close to the wind a lot of firms sail, and that's under normal conditions. As employees we often assume that the companies we work for are mega rich, when in reality they sometimes have less in the bank than we do.

If the UK gets Italy style lock downs imposed, many shops, pubs, restaurants, airlines and other businesses will have to close for a number of months. At best they can only afford to pay their staff a small fraction of their wages during this time. We will all end up shouldering some of the financial hardship caused by this disease.
 
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Chippy_Tea

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Center Parcs has closed all of its UK villages amid the coronavirus outbreak.

The villages will shutdown temporarily between March 20 and April 16.

A spokesman for Center Parcs said: "In light of the latest government announcement regarding coronavirus, the decision has been taken to close all of our UK villages from 20th March to 16th April 2020.

"The safety and wellbeing of our guests and staff is our absolute priority and we feel that this decision supports government recommendations.

"If you are due to visit during the above closure period we unfortunately have no option but to cancel your break.

"We are in the process of sending all guests impacted by this situation an email and text message."

On the Center Parcs website information has been posted informing guests about their options.

There are five Center Parcs locations across the UK opening its first UK village in July 1987 in Sherwood Forest, Nottinghamshire. The other four are: Elveden Forest in Suffolk; Longleat Forest in Wiltshire; Whinfell Forest in Cumbria and Woburn Forest in Bedfordshire.

Each village is set within around 400 acres of natural woodland, with trees, streams and wildlife surrounding apartment and lodge accommodation.

At the heart of each village is the Subtropical Swimming Paradise, an extensive range of restaurants, cafés and retail outlets, as well as the Aqua Sana Spa.

https://www.examinerlive.co.uk/news/uk-world-news/center-parcs-closes-uk-villages-17940094
 

obscure

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Working for my company’s finance department it is amazing how much cash you can burn through just on day to day operations. When you are facing two to three months or more potentially where you can’t trade I can see how a lot of business may go to the wall. Especially when you have a large fixed cost base.
 

Chippy_Tea

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Just announced -


The government has unveiled a package of financial measures to shore up the economy against the coronavirus impact.

These include £330bn for companies to access finance, support for airlines, a business rates holiday, and help for small firms without insurance.

Chancellor Rishi Sunak told a press conference it was an "economic emergency. Never in peacetime have we faced an economic fight like this one."

And he promised that if this package was not enough, he would go further.

From the hospitality industry to the airline sector, companies have warned that their long term survival is under threat.

Mr Sunak said: "Some sectors are facing particularly acute challenges. In the coming days, my colleague the Secretary of State for Transport and I will discuss a potential support package specifically for airlines and airports."

Prime Minister Boris Johnson said during the same media briefing that "we must do whatever it takes to support the economy".

He added: "This a time to be bold, to have courage. We will support jobs, we will support incomes, we will support businesses... We will do whatever it takes."


BBC news.
 

MyQul

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Just announced -


The government has unveiled a package of financial measures to shore up the economy against the coronavirus impact.

These include £330bn for companies to access finance, support for airlines, a business rates holiday, and help for small firms without insurance.

Chancellor Rishi Sunak told a press conference it was an "economic emergency. Never in peacetime have we faced an economic fight like this one."

And he promised that if this package was not enough, he would go further.

From the hospitality industry to the airline sector, companies have warned that their long term survival is under threat.

Mr Sunak said: "Some sectors are facing particularly acute challenges. In the coming days, my colleague the Secretary of State for Transport and I will discuss a potential support package specifically for airlines and airports."

Prime Minister Boris Johnson said during the same media briefing that "we must do whatever it takes to support the economy".

He added: "This a time to be bold, to have courage. We will support jobs, we will support incomes, we will support businesses... We will do whatever it takes."


BBC news.
Im following this on the Guardian. It's all loans (what do you do when it's time to pay it back and you havent made enough profit?), and nothing for the self employed
 

Chippy_Tea

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Im following this on the Guardian. It's all loans (what do you do when it's time to pay it back and you havent made enough profit?), and nothing for the self employed
I don't think they will be sending the bailiffs out as soon as the crisis is over if businesses cannot pay as for the self employed i imagine they will be next in line along with renters and self employed etc (see other thread)
 

foxy

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Its easy to blame coronavirus and it sounds like a bit of a cop out surely if Laura Ashleys business was rock solid they wouldn't have folded so quickly.
Laura Ashley, it is just another company which relies on goods coming out of China, a lot of companies which import end product from China where industry has been shut down are going to find themselves in a similar situation. All businesses are going to be impacted by the pandemic and we are going to see thousands more jobs being lost before this crisis is over.
 

Chippy_Tea

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Another Boris bashing post removed did I not make it plain enough in my earlier post that this is no longer allowed in the thread?

It's not up for Discussion.
 

foxy

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Another Boris bashing post removed did I not make it plain enough in my earlier post that this is no longer allowed in the thread?

It's not up for Discussion.
I don't think a lot of folk realise we are now in uncharted waters, no one knows the right, or wrong way to approach the problem faced by the government, they may get it right or wrong,. They are just going to do their best. There is no political agenda, whats happened to the Dunkirk spirit the poms are famous for? We are all in this together.
 

Leon103

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My wife is distraught about Laura Ashley, I on the other hand is happy my wallet won't be hit. I hope me threatening them with court action 2 weeks ago didn't send them over the edge. They put the wrong colour paint in their pots. I didn't check and gave it to my decorator and he painted a bathroom the wrong colour. Luckily they paid out.

My wife is preparing to stop trading temporary- cleaning company, although all customers want her to continue.
 

Dutto

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Sorry, but I don't think that pointing out the incompetence of the UK Government is in any way "Boris Bashing"!

Boris IS the man in charge and he IS the man that is responsible for the actions of this Government ...

... plus I notice that today the Government is addressing a number of the points I tried to make, so maybe it was doing some good!
 
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