Harvey's fortune company falls under administration with a loss of 240 Jobs | UK Market Update

  • Jul 01, 2020 BST
  • Team Kalkine

Wirecard now has authorization to carry out normalized activities in the U.K. once again in the wake of a verdict from regulators to lift restrictions on the firm. The Financial Conduct Authority (FCA) said that it had provided Wirecard’s U.K. subsidiary, Wirecard Card Solutions, penned permission to continue e-money and payment services, though some limitations still remain in place. The watchdog had compelled the firm to cease operations on Friday following its parent company filing for insolvency in Germany. The move implies that thousands of Brits who had been locked out of financial technology services will soon be able to gain access to their cash once again.

The owner of Upper Crust and Caffè Ritazza is to cut 5,000 jobs following heavy losses from the coronavirus catastrophe and subsequent lockdowns. SSP Group said the cuts, which represent about half of its workforce, are part of a wide-sweeping reorganization targeted to keep the catering company afloat. The cuts will have an impact on staff at its head office and across its UK operations. It follows a dramatic fall in domestic and international travel, which has hit the company’s sites based at railway stations and airports. Almost all of its UK outlets closed during the lockdown. The chief executive said the company would be able to ramp up operations and reopen additional sites if sales improved over the summer.

Harveys seems to have become the newest coronavirus contagion victim as the retail chain falls into administration, with an unprecedented loss of 240 jobs and hundreds more at risk. All Harveys stores, around 20 and mainly in outer London, will continue to do business for the time being as administrators PwC look for a purchaser for the business and its three manufacturing sites. The company's website says they are not taking any new orders, but claims that 'existing orders will be delivered as communicated'. Even before the coronavirus pandemic hit, the chain, owned by private equity firm Alteri Investors, had been struggling.

#Harveys #Wirecard #COVID19 #Kalkine

 


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