Britain’s manufacturing sector has shown signs of recovering from the worst damage inflicted during the coronavirus outbreak, after a survey showed that factory output had declined at a slower pace in May than a month earlier. The manufacturing purchasing managers’ index (PMI) – compiled from surveys of business activity – rose to 40.7 in May from 32.6 a month earlier.
The Ted Baker founder, Ray Kelvin, has slashed his stake in the fashion retailer by more than half, handing control of the company to an investor known as “the Rottweiler” as part of an emergency £105m fundraising to get the business through the coronavirus pandemic. The retailer raised £95m through a share placing and on Tuesday will launch a £10m offer for subscription. The refinancing has so far slashed Kelvin’s stake by 55% to 15.8% after he bought just £3.5m of new shares. Investment firm Toscafund founder, Martin Hughes, nearly doubled its stake to 26.4%, making it Ted Baker’s biggest shareholder.
Air bridges between Britain and some countries with low infection rates could be in place by the end of the month enabling people to travel without having to spend two weeks self-isolating on their return. Current plans mean all international arrivals - apart from people carrying out a limited number of specified roles - would need to quarantine for 14 days from Monday.
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