Business News Round Up (04/06/2020)
Lack of support sees one in five freelancers closing down
New research has revealed one in five skilled freelances expect to cease trading as a result of lack of access to government support during the Covid-19 lockdown. The research, conducted by the University of Edinburgh Business School in association with IPSE (Independent Professionals and the Self-Employed), found that 74% of freelancers had lost income, with 69% revealing they have cashflow problems.
https://dailybusinessgroup.co.uk/2020/06/lack-of-support-sees-one-in-five-freelancers-closing-down/
More than £100m awarded via Scottish Business Support Fund
Businesses across Scotland have been awarded more than £100 million through the Scottish Government Business Support Fund. The scheme has helped more than 2,500 businesses and 4,160 self-employed people. Now the fund, which started with £100 million of grant support for individuals and companies affected by COVID-19 and has since been topped up to £185 million, is being expanded. Small B&Bs, who were ineligible for other support due to not having a business bank account, will be able to apply for a share of £3 million of funding which has been re-purposed from the Newly Self-Employed Hardship Fund.
Rolls-Royce confirms 3,000 job cuts across the UK
Rolls-Royce has announced almost 3,000 jobs are set to be cut throughout the UK as it seeks to reduce costs to combat the coronavirus downturn. It is part of a previously-announced cost-cutting exercise that will see the company slash its global workforce by a fifth, following a drastic fall in air travel because of the coronavirus. 1,500 roles will be terminated at the company’s base in Derby, with a further 7000 jobs cut at the company’s Renfrewshire plant in Scotland. Further, smaller job cuts will be made around the company’s UK operations as part of a plan to shed 3,000 British jobs this year. The scale of these job cuts has raised fears that entire factories could close as the company plans to save £1.3 billion.
https://www.bbc.co.uk/news/business-52909829
Chester Zoo at ‘risk of extinction’
Chester Zoo has warned it is at risk of collapse after being told to remain closed indefinitely. The attraction has revealed that the pandemic has already cost it £5 million, with a further £1 million of expenditure expected each month despite efforts to reduce costs. With revenue from visitors making up 97% of its income, staff believe the long period of closure is having a “devastating impact” on its future. Chester Zoo said it needs £1.6 million per month to keep operating, with £465,000 being spent over the same period on care for its 35,000 animals.
https://www.insidermedia.com/news/north-west/chester-zoo-at-risk-of-extinction