regprentice Posted May 19, 2020 Share Posted May 19, 2020 27 minutes ago, satsuma said: Personally I am aware of several small businesses making redundancies, in one case it’s to get rid of older well paid staff under the guise of hardship. Older staff there are also seen as harder to manage as they know their worth and their rights. The other is because they can relocate and save rent and overheads but also are genuinely being hit and don’t know when things will pick up again. In both cases owners not waiting for the end of Furlough I think employers are now spooked by the suggestion they are going to be contributing to the furloughed wages. Typically for the govt they have casually announced a change to the scheme but won't bother producing the detail for a few weeks, most businesses won't wait that long. As well as older vs younger staff there is also a split in some businesses of staff on different contracts issued at different times. Cineworld for example were accused of making all their staff redundant on older contracts with better sick pay, redundancy rights etc. Anyone left on a final salary pension would be in line I would have thought. Quote Link to comment Share on other sites More sharing options...
Timbuk3 Posted May 19, 2020 Share Posted May 19, 2020 Another British icon goes under. No one travelling, no need for luggage. https://uk.reuters.com/article/uk-health-coronavirus-antler/british-luggage-brand-antler-collapses-as-pandemic-hits-travel-idUKKBN22V16F?il=0 Quote Link to comment Share on other sites More sharing options...
satsuma Posted May 19, 2020 Share Posted May 19, 2020 1 hour ago, Trampa501 said: I hear you from bitter experience myself - and there will be a lot of people doing casual work in the gig economy who will find this out. On the other hand, a large outgoing expense in the Govt benefit system is housing benefit. And guess which sector is propped up by that? Yea, a set of dominos comes to mind. The way housing benefits get paid means the landlords will not get paid as people lose their extra income (16 hours allowed I believe). Also the landlords usually have a few middle class tenants and then some On benefits. The whole portfolio is at risk from every angle. Oh dear. Quote Link to comment Share on other sites More sharing options...
LetsBuild Posted May 19, 2020 Share Posted May 19, 2020 1 hour ago, Timbuk3 said: Another British icon goes under. No one travelling, no need for luggage. https://uk.reuters.com/article/uk-health-coronavirus-antler/british-luggage-brand-antler-collapses-as-pandemic-hits-travel-idUKKBN22V16F?il=0 Trading well prior to the outbreak according to that article. So even with the furlough scheme they went from hunky dory to bust in 2 months - wowsers. Quote Link to comment Share on other sites More sharing options...
scottbeard Posted May 19, 2020 Share Posted May 19, 2020 4 hours ago, Timbuk3 said: Another British icon goes under. No one travelling, no need for luggage. What I find astonishing is that it's just two months' worth of low/no sales that sends these businesses under. This virus is a huge, huge lesson in running things so close to the wire. Quote Link to comment Share on other sites More sharing options...
Warwick-Watcher Posted May 19, 2020 Author Share Posted May 19, 2020 4 hours ago, LetsBuild said: Trading well prior to the outbreak according to that article. So even with the furlough scheme they went from hunky dory to bust in 2 months - wowsers. A quick search on Companies House shows they are owned by a Private Equity partnership - Endless - or maybe ended is more apposite? Quote Link to comment Share on other sites More sharing options...
stop_the_craziness Posted May 20, 2020 Share Posted May 20, 2020 On 19/05/2020 at 17:03, Warwick-Watcher said: A quick search on Companies House shows they are owned by a Private Equity partnership - Endless - or maybe ended is more apposite? Private Equity seems to have destroyed everything these days, whilst making very small amounts of people obscenely rich. Sad Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted May 21, 2020 Share Posted May 21, 2020 https://www.dailymail.co.uk/money/news/article-8340695/Can-redundant-furlough-Companies-plan-axe-staff.html Quote Link to comment Share on other sites More sharing options...
Patfig Posted May 21, 2020 Share Posted May 21, 2020 26 minutes ago, Gigantic Purple Slug said: https://www.dailymail.co.uk/money/news/article-8340695/Can-redundant-furlough-Companies-plan-axe-staff.html This must surely cause house prices to rise ( I'll get me coat) Quote Link to comment Share on other sites More sharing options...
Timbuk3 Posted May 21, 2020 Share Posted May 21, 2020 450 jobs going at Specsavers. https://www.portsmouth.co.uk/business/450-jobs-cut-specsavers-due-covid-19-business-downturn-2858508 Quote Link to comment Share on other sites More sharing options...
Timbuk3 Posted May 21, 2020 Share Posted May 21, 2020 900 'office' jobs to go at Clarks - I'm surprised that they have that many. https://www.dailymail.co.uk/money/markets/article-8344331/Loss-making-shoe-seller-Clarks-announces-scrapping-900-office-jobs.html Quote Link to comment Share on other sites More sharing options...
satsuma Posted May 21, 2020 Share Posted May 21, 2020 On 19/05/2020 at 12:37, LetsBuild said: Trading well prior to the outbreak according to that article. So even with the furlough scheme they went from hunky dory to bust in 2 months - wowsers. They were selling real rubbish, at least around where I live. Passing it off as lighter and stronger but actually just cheap and nasty Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted May 21, 2020 Share Posted May 21, 2020 9 minutes ago, Timbuk3 said: 900 'office' jobs to go at Clarks - I'm surprised that they have that many. https://www.dailymail.co.uk/money/markets/article-8344331/Loss-making-shoe-seller-Clarks-announces-scrapping-900-office-jobs.html Quite a big firm according to Wiki. Employs 15000 people. Quote Link to comment Share on other sites More sharing options...
LetsBuild Posted May 21, 2020 Share Posted May 21, 2020 I’m no HR expert but I’m of the understanding that issuing redundancy takes about 4 weeks? If the furlough scheme goes to a 50/50 split with the government at the end of July then I am expecting to see a crescendo of redundancy announcements this/next week as we approach the changeover - the first wave of furlough to redundancy. I expect this thread will get a little crowded unfortunately. Quote Link to comment Share on other sites More sharing options...
Tulip_mania Posted May 21, 2020 Share Posted May 21, 2020 9 minutes ago, LetsBuild said: I’m no HR expert but I’m of the understanding that issuing redundancy takes about 4 weeks? If the furlough scheme goes to a 50/50 split with the government at the end of July then I am expecting to see a crescendo of redundancy announcements this/next week as we approach the changeover - the first wave of furlough to redundancy. I expect this thread will get a little crowded unfortunately. I think that it's 45 days, hence the announcement about extending into July fully and with an employer contribution and part time work from Aug-Oct was made on about the 10th of May, just before companies would have been pushed to a decision. I presume the details of the Aug-Oct scheme will be made early June and then employers will have to make a judgement about whether to continue with furlough or make people redundant. Presumably larger companies with unions might reach a deal such as 80% hours and pay for the next year to avoid or reduce the number of people made redundant until business hopefully recovers. Quote Link to comment Share on other sites More sharing options...
winkie Posted May 21, 2020 Share Posted May 21, 2020 On 19/05/2020 at 16:00, scottbeard said: What I find astonishing is that it's just two months' worth of low/no sales that sends these businesses under. This virus is a huge, huge lesson in running things so close to the wire. Many businesses were on the brink before the virus even with ultra low interest rates, doesn't take much to tip them over the edge......no cash, no cash flow. Quote Link to comment Share on other sites More sharing options...
regprentice Posted May 21, 2020 Share Posted May 21, 2020 13 minutes ago, Tulip_mania said: I think that it's 45 days,... 45 days if you are making 100+ redundant 30 days for 20 to 99 staff Any reasonable time for less than 20. For small businesses they'll probably ask you to take your coat with you to the meeting...... Quote Link to comment Share on other sites More sharing options...
cbathpc Posted May 22, 2020 Share Posted May 22, 2020 15 hours ago, Timbuk3 said: 900 'office' jobs to go at Clarks - I'm surprised that they have that many. https://www.dailymail.co.uk/money/markets/article-8344331/Loss-making-shoe-seller-Clarks-announces-scrapping-900-office-jobs.html You really do wonder don't you? Why do they even need 900 office staff? never mind the ability to make that many redundant Quote Link to comment Share on other sites More sharing options...
Shrink Proof Posted May 22, 2020 Share Posted May 22, 2020 16 hours ago, Timbuk3 said: 450 jobs going at Specsavers. https://www.portsmouth.co.uk/business/450-jobs-cut-specsavers-due-covid-19-business-downturn-2858508 They never saw that coming.... Quote Link to comment Share on other sites More sharing options...
Fishfinger Posted May 22, 2020 Share Posted May 22, 2020 15 minutes ago, Shrink Proof said: They never saw that coming.... Very short sighted policy... Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted May 22, 2020 Share Posted May 22, 2020 On 19/05/2020 at 16:00, scottbeard said: What I find astonishing is that it's just two months' worth of low/no sales that sends these businesses under. This virus is a huge, huge lesson in running things so close to the wire. If this surprises you, then you would probably be shocked at the level of "financial innovation" that goes on at most businesses. In the last business I was in we literally didn't own the chairs our arses sat on. Everything was lease financed, probably to up the profits in 1 year so the directors/shareholders could get better bonuses. Lease financing, just in time stock holding, businesses have been running leaner and leaner for years. So when something like Covid comes along, the amount of reserves or potential to try to get extra contingency is pretty close to zero, otherwise it would already have been done to line someones pockets. I really don't know what the answer is to this, because you can bet your **** as soon as we come out of this, the bean counters will pop up again and be doing exactly the same things. The only way I see it getting resolved is through the government forcing some sort of disaster insurance scheme. Quote Link to comment Share on other sites More sharing options...
Warwick-Watcher Posted May 22, 2020 Author Share Posted May 22, 2020 22 hours ago, Gigantic Purple Slug said: Quite a big firm according to Wiki. Employs 15000 people. Lot of paperwork importing shoes from third world countries to sell here under a heritage brand. Closed manufacturing in Cumbria in 2006, opened a factory in Street for 2 years and closed it seemingly. Quote Link to comment Share on other sites More sharing options...
dpg50000 Posted May 23, 2020 Share Posted May 23, 2020 National Holidays has gone into administration with the loss of 2500 jobs https://www.hulldailymail.co.uk/news/hull-east-yorkshire-news/national-holidays-administration-cancelled-jobs-4158445?fbclid=IwAR3OS3c9VvsjpvdGBh84jo0jMjz0ZGkendA_GM0rWcyjrEOOOuvhnd59I88 Quote Link to comment Share on other sites More sharing options...
Shrink Proof Posted May 23, 2020 Share Posted May 23, 2020 Not just National Holidays. The whole group (Specialist Leisure Group) has collapsed. So that's National Holidays, Shearings, UK Breakaways, Bay Hotels, Coast & Country Hotels, Country Living Hotels, Sporting Breaks, Wallace Arnold Travel and Caledonian Travel gone too. Numerous shops and 44 hotels shut as well as the job losses. Plus the knock on effects in tourism-sensitive places.... Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted May 23, 2020 Share Posted May 23, 2020 2 hours ago, Shrink Proof said: Not just National Holidays. The whole group (Specialist Leisure Group) has collapsed. So that's National Holidays, Shearings, UK Breakaways, Bay Hotels, Coast & Country Hotels, Country Living Hotels, Sporting Breaks, Wallace Arnold Travel and Caledonian Travel gone too. Numerous shops and 44 hotels shut as well as the job losses. Plus the knock on effects in tourism-sensitive places.... yep horrendous. Not going to be open those hotels or sold before the CVJRS changes (unless different for hospitality) so it looks like those folks will be gone. Quote Link to comment Share on other sites More sharing options...
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