- Here’s your news, business and motoring round-up for Friday, May 1
Pendragon boss Trevor Finn plotting return
Former Pendragon CEO Trevor Finn has revealed he will be heading back to the industry with a new proposition for the market.
In a cryptic post on LinkedIn titled ‘Life after Pendragon’, Finn writes that he has been subject to ‘post-employment restrictions’ limiting what he could do after leaving the car dealer group a year ago.
However, he says he has spent that time travelling the world researching and believes there is a used car proposition to now take advantage of here. Read our full story here.
18-plate McLaren 720S sells for half original price
A supercar dealer has said falling prices are ‘not a cause for concern’ after a McLaren 720S sold for half what it was worth two years ago – losing £120,000.
Sold via the Collecting Cars online auction platform, the supercar’s winning bid of £124,500 (£130,500 including fees) sent a shock through social media.
Just two years ago, its first owner would have paid nearly £260,000 for the model (including £50,000 of optional extras) but the supercar, which has covered just 5,000 miles, has plummeted in value since then. Full story here.
PM promises plan on easing lockdown
Boris Johnson has promised to deliver a ‘comprehensive plan’ next week on how the lockdown may be eased after declaring the UK is past the peak of the outbreak.
The Prime Minister said yesterday he would be producing a ‘road map, a menu of options’ explaining how to get the economy moving and children back to school.
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Ryanair announces up to 3,000 job losses
Up to 3,000 jobs across pilots and cabin crew will be cut at Ryanair as a restructuring programme could also involve unpaid leave and pay slashed by up to 20 per cent.
Ryanair said its flights will remain grounded until at least July and passenger numbers will not return to 2019 levels until summer 2022 at the earliest.
Chief executive Michael O’Leary cut his pay by 50 per cent for April and May.
Rolls-Royce will be first British factory back to full production
Rolls-Royce will be the first British manufacturer to get back to full production on May 4 with 1,000 workers at its West Sussex factory.
Alongside the luxury cars, workers will continue to make PPE for the NHS, which has included face visors and gowns.
Rolls-Royce has been delivering the safety equipment to the NHS during the lockdown in a fleet of supercars – one hospital in London had five turn up at once with much-needed supplies. Full story here.
Loans slow as £1.3bn handed to small businesses
Small businesses across the UK have received another £1.33bn of support as part of the government’s scheme to help companies.
Nearly 8,640 new loans were approved in the seven days to Tuesday, according to figures from UK Finance.
According to the trade body, it brings the total lent under Chancellor Rishi Sunak’s coronavirus business interruption loan scheme (CBILS) to £4.1bn.
B&Q reopens all 288 UK stores
B&Q has reopened all its stores across the UK following the coronavirus shutdown.
The DIY retailer has gradually reopened its 288 UK stores over the past two weeks, with its last remaining sites opening their doors to the public yesterday.
Customers have flocked to its stores, resulting in long queues of shoppers after social distancing measures were put in place.
No buyer found for Oasis and Warehouse
More than 1,800 workers are set to lose their jobs at Oasis and Warehouse after administrators said they were unable to find a buyer for the business.
Deloitte said that all stores will close indefinitely and online sales will be stopped.
The failure to save any part of Oasis Warehouse Limited, the company behind the two brands, along with The Idle Man and Bastyan Fashions, will result in the loss of 1,803 jobs.
Plans to scrap tax on e-publications brought forward
Plans to scrap VAT on e-books and digital publications have been brought forward to today, knocking 20 per cent off the retail price and offering a boost to publishers.
The Treasury said it was fast-tracking the decision to axe VAT on all e-publications that was first announced in the March Budget by seven months.
It will help slash the cost of e-books, e-newspapers and digital academic journals to help make reading more accessible amid the lockdown, while also supporting the hard-hit newspaper industry.
McDonald’s takes a financial hit from lockdown
Global lockdown orders have taken a bite out of McDonald’s first-quarter sales.
Although most restaurants in the US and China are available for drive-through and delivery, the burger giant said its sales fell six per cent, to $4.71bn US dollars in the January-March period.
Declines have persisted in April. Approximately 75 per cent of the fast food giant’s 39,000 stores globally are open. In US 99 per cent of stores are open, offering limited menus and takeout food.
Two-thirds of UK firms apply for furlough scheme
Two-thirds of UK businesses have applied for government help paying wage bills for furloughed staff, but less than a fifth have received support so far.
The Office for National Statistics (ONS) said the government’s coronavirus job retention scheme was the most popular support programme, with 66 per cent of firms surveyed having applied.
The data revealed that 19 per cent of firms that have applied have received help since it went live on April 20.
More than half – 56 per cent – of firms have also applied for the VAT deferral scheme, although just 42 per cent have received the support.
Car Dealer Live midday today: Autocar experts chat about the impact of crisis on wider car industry
Sources: PA Media, Car Dealer Magazine