Business News Round Up (29/09/2020)
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Almost half of UK businesses say they will make redundancies this year
Almost half of all UK businesses think they might have to reduce headcounts before the end of the year, according to a new survey. Researchers found that 42% of small and medium sized enterprises think they will have a smaller workforce in December than they did in September. An online survey from Censuswide and Virgin Money also showed that companies are worried about their futures, with nearly a quarter thinking they might go out of business in the next year if there is a second wave of Covid-19. The figures speak to a gloom in the business world, as companies prepare for what to do when the Government’s furlough scheme ends on October 31.
https://www.mylondon.news/news/uk-world-news/almost-half-uk-businesses-say-19014321
GC Business Finance has provided more than £7.8m to support North West SMEs since start of lockdown
GC Business Finance has enjoyed a consistent spell of backing North West SMEs during the ongoing pandemic, providing more than £7.8 million to about 300 companies in the region. The firm has provided nearly £3.1 million backed by the government’s CBILS. Alongside this, it has used its flexible Start-Up Loans product to provide more than £3 million. A further £840,000 has been provided to businesses in Lancashire under the Rosebud Fund it manages on behalf of Lancashire county council and has supported businesses across the North West to raise over £600,000 in investment round closes since the beginning of lockdown.
https://www.business-live.co.uk/economic-development/gc-business-finance-provided-more-19009849
Tech Nation bolsters board as it seeks to help economy recover from Covid-19
Tech Nation has bolstered its board as it seeks to help the UK economy recover from the coronavirus pandemic. The tech entrepreneur network has appointed former Palamon Capital finance chief Annette Wilson, X Capital Partners founder Eric Collins, Hoxton Ventures partner Hussein Kanji and Benevolent AI senior vice president Trecilla Lobo to its board of directors. The new non-executive directors, who were up against more than 300 other applicants to secure the positions, have experience across business, academia, and government, with roles as founders, investors, and leaders.
https://www.cityam.com/tech-nation-bolsters-board-as-it-seeks-to-help-economy-recover-from-covid-19/
RWinvest to open Manchester office promising £250m investment and hundreds of jobs
Property investment company has announced that it will expand operations to Manchester. RWinvest, which specialises in buy-to-let investments on prominent residential developments, has delivered over £1 billion into the market since launching in 2004. The investment business currently operates from offices in London and Liverpool but will open a new site at MediaCityUK in Salford Quays next month, to support increased work with its development partners, including North West developer Legacie Developments, in Manchester. RWinvest said 20 jobs will be created at the new base while the company, together with development partners, will invest £250 million in the city, creating 200 full-time construction jobs over the next five years.
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