Business News Round Up (06/11/2020)
Business confidence key to North West recovery shows new report
Business confidence is key to aiding the North West’s recovery in the wake of the COVID-19 pandemic, according to a report released today by Forbes Solicitors. Nearly three-quarters (73%) of respondents – polled as part of the law firm’s inaugural Reinvention and Resilience Top 50 report – believe that without business confidence companies will shy away from expanding into new markets, seeking external funding, and achieving growth through acquisition. However, an overwhelming 98% of business owners are confident that they will recover and grow, with 69% of companies stating that the region will come back better and stronger than before.
British Business Investments announces new £30 million commitment to back UK SMEs
British Business Investments, a commercial subsidiary of the British Business Bank, has announced a £30 million commitment to support UK small businesses through Funding Circle’s UK SME Direct Lending Fund. The UK SME Direct Lending Fund, which launched and began lending in July 2019, gives institutional investors, including pension funds, insurance companies and local authorities, the opportunity to lend directly to a diversified portfolio of SMEs originated by Funding Circle. Following Funding Circle’s accreditation to lend under the Coronavirus Business Interruption Loan Scheme (CBILS) in April 2020, the Fund was subsequently given approval to expand its investment strategy to include investing in CBILS loans.
Permanent placements rise at softer rate across the North West
The latest KPMG and REC, UK Report on Jobs: North of England survey pointed to a softer rise in permanent staff appointments across the North West in October. Meanwhile, temporary billings increased at the quickest rate for almost three years as demand for temporary staff strengthened. The supply of workers, meanwhile, continued to expand markedly amid widespread reports of redundancies related to the coronavirus pandemic, leading to a reduction in starting pay. The report, which is compiled by IHS Markit, is based on responses to questionnaires sent to around 100 recruitment and employment consultancies in the North of England. Recruiters in the North West reported a second successive monthly increase in permanent staff appointments during October.
Sainsbury’s to cut 3,500 jobs and close 420 Argos stores
Sainsbury’s has said it will cut around 3,500 jobs as part of plans to permanently close all its meat, fish, and deli counters, as well as some of its Argos stores. The grocer said the closure of the specialist counters is part of efforts to “better reflect customer demand” and will save the business around £60 million. It also said roles will go with the imminent closure of 120 Argos stores, which is part of a strategy to shut 420 standalone Argos branches over the next three-and-a-half years. The supermarket also reported half-year results, revealing a £137 million loss which it blamed on closures and “market changes”. It comes on the day England enters a second lockdown, which Sainsbury’s said would continue to accelerate “a number of shifts in our industry” as it expands its online and digital operations.
https://www.bbc.co.uk/news/business-54818644