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Manolete Partners

1 in 3 UK businesses to make job cuts by October

New research has found that one in three businesses across the UK expect to make job cuts by October as the Covid-19 crisis takes a toll on the economy.

At least 33 per cent of 2000 businesses surveyed said they expected to make redundancies in the third quarter of this year, according to figures from the Chartered Institute of Personnel and Development (CIPD) and Adecco Group.

Earlier this year, the Centre for Retail Research (CRR) revealed that 24,348 jobs had been scrapped by UK retailers in the first half of 2020.

At the time, major retailers like Laura Ashley, Debenhams, Monsoon Accessorize, Cath Kidston, Quiz and Victoria’s Secret’s UK arm had all entered insolvency after being forced to shut their doors in March during lockdown.

Manolete Partners (LON:MANO) work alongside IPs from all of the “Big Four” through to one and two partner specialist insolvency and restructuring practices in the regions. Manolete finances the work of the Insolvency Practitioner and their lawyers to make optimal recoveries for the creditor estates and takes on all the risk.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.