In a summary of the current impact Covid-19 is having on the economy, John Colley, Associate Dean at Warwick Business School and former MD of a FTSE 100 company, has observed the following: “Those companies without cash or only limited availability of credit have a major problem. Many businesses simply do not have access to adequate cash or credit lines and will disappear during the next six months, only the strongest will survive. Unless there is significant government underwriting of bank debt many loans will be foreclosed and banks will not be keen to increase their exposure.
Overall retail sales were flat in the year to March, but this masked a sharp divergence between sectors, according to the latest monthly CBI Distributive Trends Survey (conducted between 26 February 2020 and 13 March 2020). Grocers reported exceptionally strong growth in sales volumes in the year to March, as did specialist food and drink firms. However, most other sectors reported sharp falls in sales volumes.
The results of the survey suggest that while households are stockpiling groceries in response to the spread of the Coronavirus and the introduction of social distancing,
Investors are now actively seeking ‘new world’ sectors and companies as the world readjusts to life with Coronavirus and looks ahead to an economic recovery. The assessment from Nigel Green, the chief executive and founder of deVere Group, comes amid global stock market turmoil: “Every economic downturn creates a new normal. The one being triggered by the Coronavirus pandemic will be the same. The Covid-19 impact has hit firms across the world – there’s been immense international disruption –
NHS staff are working day and night to create the new NHS Nightingale Hospital North West. The temporary hospital at Manchester Central is being put in place to for patients across the entire North West. They are joined by experts from the military, social care, local government, and charities at Manchester Central. Their combined efforts have created a new hospital, clinical model and recruitment programme in just ten days.
The NHS Nightingale Hospital North West will be equipped and staffed to receive up to 750 patients,
In a statement from Charlie Cornish, CEO of Manchester Airport Group, the news of a significant drop in global demand for air travel has impacted Manchester Airport: “Like all airports across the world, Manchester Airport has experienced a significant fall in passenger volumes as a result of the Covid-19 pandemic. Given this reduction in departing and arriving flights, and the likelihood traffic will decline further, we have taken the decision to work towards operating from a single terminal.
“This will happen from 25 March and all flights that were due to depart from Terminal Two and Terminal Three,
Former footballers and property entrepreneurs Gary Neville and Ryan Giggs have opened their two luxury hotels in Manchester free of charge to frontline NHS staff during the crisis. In a statement from Gary Neville on 18 March “Updating you on news from GG Hospitality and Hotel Football and the Stock Exchange, we’ll be closing both our hotels from this Sunday.
“It’s been a difficult time for the whole of the hospitality industry, but the most important thing is the health of our staff and guests.
Businesses struggling to manage having their staff working from home due to the impact of Covid-19 can now access a suite of resources launched by The Growth Company. Following the Government’s guidance that businesses should be encouraging their employees to work from home where possible, many across Greater Manchester have been having to quickly adapt to this way of working.
Amongst the challenges they are facing include ensuring data security, supplying adequate hardware and setting up the right software to enable effective internal and external communication,
Organised by Rob Garbutt from LunarGreen (who donated £2,000 to start the programme off) and subway franchisee Rachael King, The Big NHS Lunch Box with Subway has been launched to take care of our hardworking frontline NHS staff. The programme basically asks for donations which are used to purchase ingredients at cost price, where they are made up into as many 6″ Subs and cookies/snacks at Rachael’s Subway store at Summerfield in Wilmslow.
From there they are delivered by volunteers to a growing list of Greater Manchester hospitals.
The ExcluSec Group, the soft services provider headquartered in Bolton, has launched an offer to support its local business community during these difficult times. More and more organisations are following the government’s Coronavirus advice and encouraging as many of their employees as possible to work from home. Some businesses have already closed their buildings for the foreseeable future and others will be doing so shortly. This poses security concerns with respect to the company’s assets.
To help their local community in Bolton,
The Covid-19 virus had a devastating impact on the events industry and its suppliers in the Northwest. Many companies have had to postpone or cancel their events and the industry has come to a halt leaving thousands of suppliers, service providers and freelancers out of work.
A network of event organisers and suppliers large and small in the Northwest has been created to pool their resources and work together to assist with requests from the NHS, local government,