Anglo-Dutch consumer products giant Unilever has announced it is to scrap its dual-headed legal structure and unify under a single parent company, Unilever plc, which will be headquartered in London. The UK government has been lobbying for the company to choose London ahead of Rotterham, and following this announcement the business secretary Alok Sharma said this is “a clear vote of confidence in the UK”. Unilever owns some of the best known consumer brands, including Marmite, Persil and Timotei.
BP is to cut 10,000 jobs in the wake of the economic slowdown caused by the coronavirus pandemic. The oil company says that most of the jobs lost will be office-based roles and represent about 15% of the workforce. BP’s chief executive officer Bernard Looney wrote to staff saying that BP was ‘spending much, much more than we make’.
Car retailer Lookers, which reopened its operations at the beginning of June as the UK Government starts to relax lockdown measures, has announced it is to restructure its operations. Up to 27 dealerships will be closed in the second half of 2020, resulting in 1,500 job redundancies, saving Lookers around £50m in annual payroll costs.
Car manufacturer Aston Martin has announced that 500 jobs are to be lost at its luxury sports car plant in Gaydon, Warwickshire. Coronavirus has caused sales in the luxury car market to collapse and Aston Martin is one of many manufacturers announcing changes to try and keep going through the crisis.
Bentley Motors is the latest car manufacturer to announce job losses in response to lower sales caused by coronavirus. The company hopes that a quarter of its UK workforce, around 1,000 jobs, will take voluntary redundancy.
More than 1,100 jobs are at risk following the announcement that the UK division of lingerie brand Victoria's Secret has gone into administration. Victoria's Secret, which has 25 stores in the UK, first held its famous annual fashion show in 1995, but decided not to hold it in 2019 following criticism that it was outdated.
The private equity firm JRJ Group has sold ETX Capital to Guru Capital. ETX Capital is a provider of spread betting products
PIB Group has expanded its European operations with the acquisition of Marx Re-Insurance Brokers in Germany.
Compass Group has sold Fulfill to Lavazza. Fulfill is a vending fulfilment company.