Formula 1 team McLaren plans to cut its workforce amid crisis | UK Market Update

  • May 27, 2020 BST
  • Team Kalkine

John Lewis has announced plans to reopen 13 stores next month, as the UK Government slowly relaxes rules for thousands of high street businesses. The chain said branches in Poole and Kingston will be the first to reopen on June 15, followed by 11 more on June 18. Sharon White, chairman of the John Lewis Partnership, said: "The momentous events of the last few months have tested our resilience as a business, but our resourcefulness, innovation and the spirit of cooperation between Partners has really shone through.

British Land has suffered a £1.1 billion annual loss as turmoil on the high street dragged down the value of one of Britain’s biggest property portfolios. The company’s reported loss was more than three times higher than the £319 million loss it reported a year ago.

UK supercar maker and Formula 1 team McLaren plans to cut more than a quarter of its workforce after the coronavirus crisis hit sales and advertising revenue. The firm employs about 4,000 people, and of the 1,200 to be made redundant, the vast majority will be in the UK.

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