instagram envelope_alt facebook twitter search youtube_play whatsapp remove external_link loop2 arrow-down2

Business briefing: Carluccio’s and BrightHouse collapse into administration

No pay: Carluccio’s boss Mark Jones did not receive his salary last month to save cash PICTURE: REUTERS

ALMOST 4,500 jobs are at risk after high street chains Carluccio’s and BrightHouse went into administration.

The dining chain Carluccio’s, which was founded by Antonio Carluccio in 1991, has hired advisory firm FRP to oversee administration of its 71 UK restaurants and 2,000 employees.

It said challenging trading conditions had ‘been exacerbated by Covid-19’. Last week, furloughed staff saw their wages for the past month cut in half while boss Mark Jones did not take any pay.

Meanwhile, more than 2,400 jobs are at risk at BrightHouse, days after it closed all its 240 stores due to the coronavirus outbreak.

The rent-to-own retailer, which operates 240 stores, appointed Grant Thornton to keep running the business, and collecting money from customers.

It will look after appliances until customer contracts end but there will be no rent-to-own sales.

FTSE back into black after oil giants’ slippery start

THE FTSE-100 continued its return to growth thanks to a strong opening trading session on Wall Street.

The stock exchange closed 53.4 points higher at 5,563.74, despite spending much of the day in the red due to the fall in oil prices over the weekend.

Investor confidence grew as the ‘positive start from the US’ lifted oil giants Shell and BP’s share price higher, said analyst Connor Campbell of Spreadex.

Mortgage approvals at a ‘hollow’ six-year high

MORTGAGE approvals for home buyers reached a six-year high last month – just before the coronavirus crisis stifled the market.

A total of 73,546 were approved, the highest since January 2014, the Bank of England’s Money and Credit report finds.

Trade body UK Finance said some movers can extend their loan offer for up to three months.

Andrew Montlake, of mortgage broker Coreco, said: ‘Never before has such strong mortgage approvals data rung so hollow.’

Charity warns pandemic will hit fundraising by 25%

CANCER Research UK expects fundraising income to drop by up to a quarter over the next financial year amid the fallout from the coronavirus pandemic.

The charity warned the virus ‘is going to cause huge strain’ on its efforts to prevent and treat cancer, as it was forced to close its 600 high street shops, cut research funding and review the feasibility of this year’s Race for Life.

TRADERS at Billingsgate Fish Market say they are being forced to close as crowds of shoppers ignore coronavirus social distancing rules. Steve Monaghan, who runs John Stockwell at the east London market, closed for the first time in 28 years on Saturday, fearing for worker safety. He said eight stalls had shut and eight will this week.