cityam--2020-07-10--The Gym Group loses a fifth of its members as it prepares to reopen

The Gym Group lost one in five of its members since lockdown started , it said today , as it gets ready to reopen most of its gyms on 25 July .
The hit to its numbers came despite the group freezing all membership payments during lockdown .
It has around 692,000 remaining customers .
The low-cost gym firm said it will be reopening sites with Covid-19 measures in place , including an app that checks if your gym is busy before you arrive .
Around 160 of its 179 branches will open again on 25 July , as permitted @ @ @ @ @ @ @ .
The remainder of its locations in Leicester , Scotland and Wales will reopen when the guidelines in those areas are relaxed .
Read more : Beauty salons , massage parlours and gyms set to reopen in England next week A few of the establishments will trial 24-hour opening hours , while most will operate on a reduced schedule of between 6am–10pm on weekdays and 8am–8pm on weekends New operating procedures are being tried and tested -— including the spacing out of equipment , limiting the amount of members allowed inside at any @ @ @ @ @ @ @ , improved ventilation and sanitation and more frequent cleaning of gym kit and machines after use .
The group is also hoping these changes will encourage people to use gyms and leisure facilities at quieter periods .
Richard Darwin , chief executive of the Gym Group , said : “ Opening safely is our primary concern and we have comprehensive plans in place for both our colleagues and members as we reopen our gyms.
” “ We are in the process of unfurloughing our colleagues , who will be ready to open the @ @ @ @ @ @ @ 25 July and in the other home nations once restrictions are lifted .
We are encouraged by the response of our members , the vast majority of whom are keen to get back to the gym to begin working out again.
” Read more : UK retailers warn shoppers face price hikes if no EU trade deal agreed Yesterday Puregym — a rival operator to the Gym Group — said it would open its 220 gyms in England on 27 July .
It said it had set out protocols to mirror those of @ @ @ @ @ @ @ gyms have been open for several weeks without any known incidents of coronavirus transmission .
Gym operators in England had criticised the government for ignoring the sport and health industries , while allowing restaurants and pubs to reopen from 4 July .
Yesterday the government announced that indoor sports and swimming facilities could reopen on 25 July , with Covid-secure measures in place .
Outdoor pools can reopen and some team sports restart from tomorrow .

The Gym Group loses a fifth of its members as it prepares to reopen
The Gym Group said it had seen strong demand since reopening
The Gym Group lost one in five of its members since lockdown started, it said today, as it gets ready to reopen most of its gyms on 25 July.
The hit to its numbers came despite the group freezing all membership payments during lockdown. It has around 692,000 remaining customers.
The low-cost gym firm said it will be reopening sites with Covid-19 measures in place, including an app that checks if your gym is busy before you arrive.
Around 160 of its 179 branches will open again on 25 July, as permitted by the new government guidelines issued yesterday. The remainder of its locations in Leicester, Scotland and Wales will reopen when the guidelines in those areas are relaxed.
A few of the establishments will trial 24-hour opening hours, while most will operate on a reduced schedule of between 6am–10pm on weekdays and 8am–8pm on weekends
New operating procedures are being tried and tested -— including the spacing out of equipment, limiting the amount of members allowed inside at any one time, temperature checks for staff, improved ventilation and sanitation and more frequent cleaning of gym kit and machines after use.
The group is also hoping these changes will encourage people to use gyms and leisure facilities at quieter periods.
Richard Darwin, chief executive of the Gym Group, said: “Opening safely is our primary concern and we have comprehensive plans in place for both our colleagues and members as we reopen our gyms.”
“We are in the process of unfurloughing our colleagues, who will be ready to open the doors of our gyms in England on 25 July and in the other home nations once restrictions are lifted. We are encouraged by the response of our members, the vast majority of whom are keen to get back to the gym to begin working out again.”
Yesterday Puregym — a rival operator to the Gym Group — said it would open its 220 gyms in England on 27 July.
It said it had set out protocols to mirror those of gyms in Switzerland and Denmark, where gyms have been open for several weeks without any known incidents of coronavirus transmission.
Gym operators in England had criticised the government for ignoring the sport and health industries, while allowing restaurants and pubs to reopen from 4 July.
Yesterday the government announced that indoor sports and swimming facilities could reopen on 25 July, with Covid-secure measures in place. Outdoor pools can reopen and some team sports restart from tomorrow.


cityam--2020-07-10--Brando looks a Threat to all in the July Cup at whopping 25/1

AFTER non-stop rain for most of the week , sadly Saturday ’ s July Cup ( 3.35pm ) will be run on what looks pretty soft ground , so the ultimate test of speed becomes more of a test of stamina .
Golden Horde deserves to be favourite on the back of an impressive win in the Commonwealth Cup at Royal Ascot , and he seems pretty versatile when it comes to ground .
However , he is as short as 15/8 and meets talented older horse like Hello Youmzain and Sceptical .
That pair fought out the finish to @ @ @ @ @ @ @ be in the mix again .
Sceptical may be ridden with a bit more patience , but I ’ m not sure the recent rain and greater emphasis on stamina will play to his strengths .
Hello Youmzain should confirm Ascot form , particularly as he seems at his best when the mud flies .
Yet , there may be a bit of value in taking the fancied runners on with a few at decent prices .
First up , Richard Hannon ’ s THREAT blatantly failed to stay the mile trip in @ @ @ @ @ @ @ at Ascot and was last off the bridle .
The recent rain won ’ t have helped but he looks too big each-way at a general 10/1 .
I ’ m also going to take a chance on old boy BRANDO who can be backed at 25/1 and may be even bigger on the Tote.co.uk .
He ’ s been placed in this race twice in the last three years and looked in good form at Newcastle last time .
Looking at the rest of the Newmarket card , and Finest Sound is @ @ @ @ @ @ @ ( 1.50pm ) .
He bumped into a good one in the Britannia Stakes last time and looks on a reasonable mark .
There will be plenty interested in the 5/2 available at the time of writing and there is a chance he will start considerably shorter .
However , I ’ m prepared to back INTO FAITH at a massive 20/1 each-way .
Ignore his reappearance run as he will relish this soft ground , as he showed when winning in France last year .
Red-hot French jockey Pierre Charles Boudot takes @ @ @ @ @ @ @ outsider .
Finding the winner of the Bunbury Cup looks as impossible an assignment as you might expect , but I ’ ll stick with in-form ARIGATO at 12/1 for the William Jarvis team .
He ’ s bidding for a hat-trick and has proven himself on the ground .
I ’ m also going to have a saver each-way on KIMIFIVE at 20/1 .
The five-year-old has found plenty of trouble in-running in recent outings and may just be hitting some form .

Brando looks a Threat to all in the July Cup at whopping 25/1
Brando has plenty of form at Newmarket
AFTER non-stop rain for most of the week, sadly Saturday’s July Cup (3.35pm) will be run on what looks pretty soft ground, so the ultimate test of speed becomes more of a test of stamina.
Golden Horde deserves to be favourite on the back of an impressive win in the Commonwealth Cup at Royal Ascot, and he seems pretty versatile when it comes to ground.
However, he is as short as 15/8 and meets talented older horse like Hello Youmzain and Sceptical.
That pair fought out the finish to the Diamond Jubilee Stakes and will surely be in the mix again.
Sceptical may be ridden with a bit more patience, but I’m not sure the recent rain and greater emphasis on stamina will play to his strengths.
Hello Youmzain should confirm Ascot form, particularly as he seems at his best when the mud flies.
Yet, there may be a bit of value in taking the fancied runners on with a few at decent prices.
First up, Richard Hannon’s THREAT blatantly failed to stay the mile trip in the St James’s Palace Stakes at Ascot and was last off the bridle.
The recent rain won’t have helped but he looks too big each-way at a general 10/1.
I’m also going to take a chance on old boy BRANDO who can be backed at 25/1 and may be even bigger on the Tote.co.uk.
He’s been placed in this race twice in the last three years and looked in good form at Newcastle last time.
Looking at the rest of the Newmarket card, and Finest Sound is the obvious one in the mile handicap (1.50pm).
He bumped into a good one in the Britannia Stakes last time and looks on a reasonable mark.
There will be plenty interested in the 5/2 available at the time of writing and there is a chance he will start considerably shorter.
However, I’m prepared to back INTO FAITH at a massive 20/1 each-way.
Ignore his reappearance run as he will relish this soft ground, as he showed when winning in France last year.
Red-hot French jockey Pierre Charles Boudot takes the ride and he looks a lively outsider.
Finding the winner of the Bunbury Cup looks as impossible an assignment as you might expect, but I’ll stick with in-form ARIGATO at 12/1 for the William Jarvis team.
He’s bidding for a hat-trick and has proven himself on the ground.
I’m also going to have a saver each-way on KIMIFIVE at 20/1.
The five-year-old has found plenty of trouble in-running in recent outings and may just be hitting some form.
POINTERS
Into Fait e/w 1.50pm Newmarket
Threat e/w 3.35pm Newmarket
Brando e/w 3.35pm Newmarket
Arigato e/w 4.10pm Newmarket
Kimifive e/w 4.10pm Newmarket


cityam--2020-07-10--Amazon-backed Tesla rival Rivian picks up $2.5bn in single round

Rivian , an electric truck-making startup backed by Amazon and Ford , has raised $ 2.5bn in a fresh funding round led by T. Rowe Price .
The new round takes the total investment in Rivian to at least $ 6bn , including a $ 1.3bn round in December also led by T. Rowe Price .
Rivian ’ s latest funding round was supported by Soros Fund Management , Coatue Management , Fidelity Management and Research , and Baron Capital Group .
Amazon and Blackrock also participated .
Rivian said it was raising the funds to boost its war chest @ @ @ @ @ @ @ the first manufacturer to bring an electric pickup truck to market .
The tech firm revealed last year it was developing an electric delivery van for Amazon using its skateboard platform .
Amazon has ordered 100,000 of these vans , with deliveries set to begin in 2021 .
Amazon also recently acquired self-driving startup Zoox for a reported $ 1bn , as it seeks to innovate its logistics division .
Rivian said it has three models expected to come to market next year .
Production for two of the models — the R1T @ @ @ @ @ @ @ earlier this year .
“ We are focused on the launch of our R1T , R1S and Amazon delivery vehicles , ” said Rivian chief executive R.J. Scaringe .
“ With all three launches occurring in 2021 , our teams are working hard to ensure our vehicles , supply chain and production systems are ready for a robust production ramp up .
We are grateful for the strong investor support that helps enable us to focus on execution of our products.
” Read more : Tesla nears record for first stock to reach @ @ @ @ @ @ @ as rival electric carmaker Tesla , which released its Cybertruck model last year , is set to enter the S & P 500 index if it reports a quarterly profit later this month .
It would mark Tesla ’ s fourth consecutive quarterly profit , a key requirement for addition to the index .
At a market capitalisation of $ 250bn , Tesla would be among the most valuable companies ever added to the S & P 500 , larger than 95 per cent of the index ’ s existing members .
It @ @ @ @ @ @ @ funds that track the index .

Amazon-backed Tesla rival Rivian picks up $2.5bn in single round
Rivian secured a $2.5bn investment from T. Rowe Price earlier this month
Rivian, an electric truck-making startup backed by Amazon and Ford, has raised $2.5bn in a fresh funding round led by T. Rowe Price.
The new round takes the total investment in Rivian to at least $6bn, including a $1.3bn round in December also led by T. Rowe Price.
Rivian’s latest funding round was supported by Soros Fund Management, Coatue Management, Fidelity Management and Research, and Baron Capital Group. Amazon and Blackrock also participated.
Rivian said it was raising the funds to boost its war chest as part of its aim to be the first manufacturer to bring an electric pickup truck to market.
The tech firm revealed last year it was developing an electric delivery van for Amazon using its skateboard platform. Amazon has ordered 100,000 of these vans, with deliveries set to begin in 2021.
Amazon also recently acquired self-driving startup Zoox for a reported $1bn, as it seeks to innovate its logistics division.
Rivian said it has three models expected to come to market next year. Production for two of the models — the R1T and R1S — was supposed to start earlier this year.
“We are focused on the launch of our R1T, R1S and Amazon delivery vehicles,” said Rivian chief executive R.J. Scaringe.
“With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products.”
The deal comes as rival electric carmaker Tesla, which released its Cybertruck model last year, is set to enter the S&P 500 index if it reports a quarterly profit later this month.
It would mark Tesla’s fourth consecutive quarterly profit, a key requirement for addition to the index.
At a market capitalisation of $250bn, Tesla would be among the most valuable companies ever added to the S&P 500, larger than 95 per cent of the index’s existing members. It would have a major impact on investment funds that track the index.


cityam--2020-07-10--FTSE 100 climbs but Wall Street flat as US coronavirus cases jump

The FTSE 100 rose but Wall Street was mixed as investors weighed a record daily rise in new coronavirus cases in the US against the reopening of economies .
The UK ’ s main stock index was 0.6 per cent higher in afternoon trading at 6,083 points .
The FTSE 250 index of slightly smaller jumped 1.2 per cent .
Read more : US sees 1.3m new jobless claims as coronavirus cases remain high In the US , the S & P 500 fell 0.1 pr cent shortly after the bell .
The Dow Jones moved 0.2 per cent higher @ @ @ @ @ @ @ .
Germany ’ s Dax was 0.7 per cent higher .
France ’ s CAC 40 was up 0.6 per cent and the pan-European Stoxx 600 had climbed 0.5 per cent .
The moves in global stock markets came the day after the US notched up another record day of new coronavirus cases yesterday , with more than 60,000 .
Florida , which reopened some parts of the economy in May , suffered its biggest daily death toll yet .
Shares in Asia were lower as a spike in cases in Hong Kong @ @ @ @ @ @ @ schools .
The semi-autonomous city ’ s Hang Seng index shed 2.4 per cent overnight .
Japan ’ s Nikkei index fell 1.1 per cent .
In China , the CSI 300 index fell 1.8 per cent , bringing its eight-day surge to an end .
Despite the rise in the FTSE 100 , the index was on track for a weekly fall of around two per cent .
London ’ s blue-chip index has dragged behind many other countries in the recent stock market rally .
Its exposure to energy and banking @ @ @ @ @ @ @ The US ’ s S & P 500 was also on track for a weekly fall .
As was Europe ’ s Stoxx 600 .
There is a growing feeling in markets such that “ things are going backwards in terms of the health emergency , ” said David Madden , market analyst at trading platform CMC Markets .
“ Yesterday , it was reported that Tokyo posted a record number of new cases.
” Read more : Hollowed out : Which UK companies have made job cuts during the coronavirus pandemic ?
@ @ @ @ @ @ @ recoveries .
Madden said data showed “ footfall at retail parks in states such as Arizona , Georgia , and Texas has declined as they have rowed back on the reopening of their economies ” .
The pound was up 0.4 per cent against the dollar at $ 1.265 .
The euro was also down 0.3 per cent at $ 1.132 .
In a sign of investors ’ nerves , UK short-dated bond yields touched record lows in morning trading as the FTSE 100 initially fell .
The yield on the 2-year bond @ @ @ @ @ @ @ cent before rebounding slightly .
The yield on the 5-year gilt dropped to minus 0.09 per cent before rising .
Yields move inversely to a bond ’ s price .
Read more : Now ’ s not the time to worry about £500bn of borrowing , says IFS The fall in bond yields was largely driven by “ rising speculation that the Bank of England will cut rates into negative territory in September , ” said Michael Hewson , chief market analyst at trading platform CMC Markets .
“ While many are warning @ @ @ @ @ @ @ route there is a growing belief that the Bank of England could well do so in September .
”

FTSE 100 climbs but Wall Street flat as US coronavirus cases jump
The City of London, the UK’s financial hub, remains far less busy than before coronavirus struck in February
The FTSE 100 rose but Wall Street was mixed as investors weighed a record daily rise in new coronavirus cases in the US against the reopening of economies.
The UK’s main stock index was 0.6 per cent higher in afternoon trading at 6,083 points. The FTSE 250 index of slightly smaller jumped 1.2 per cent.
Read more: US sees 1.3m new jobless claims as coronavirus cases remain high
In the US, the S&P 500 fell 0.1 pr cent shortly after the bell. The Dow Jones moved 0.2 per cent higher but the Nasdaq slipped 0.4 per cent.
Germany’s Dax was 0.7 per cent higher. France’s CAC 40 was up 0.6 per cent and the pan-European Stoxx 600 had climbed 0.5 per cent.
The moves in global stock markets came the day after the US notched up another record day of new coronavirus cases yesterday, with more than 60,000.
Florida, which reopened some parts of the economy in May, suffered its biggest daily death toll yet.
Shares in Asia were lower as a spike in cases in Hong Kong caused authorities to say they would shut schools.
The semi-autonomous city’s Hang Seng index shed 2.4 per cent overnight. Japan’s Nikkei index fell 1.1 per cent.
In China, the CSI 300 index fell 1.8 per cent, bringing its eight-day surge to an end.
FTSE 100 on track for sharp weekly fall
Despite the rise in the FTSE 100, the index was on track for a weekly fall of around two per cent.
London’s blue-chip index has dragged behind many other countries in the recent stock market rally. Its exposure to energy and banking has been a particular weak point.
The US’s S&P 500 was also on track for a weekly fall. As was Europe’s Stoxx 600.
There is a growing feeling in markets such that “things are going backwards in terms of the health emergency,” said David Madden, market analyst at trading platform CMC Markets.
“Yesterday, it was reported that Tokyo posted a record number of new cases.”
Read more: Hollowed out: Which UK companies have made job cuts during the coronavirus pandemic?
Investors fear new lockdowns could damage economic recoveries. Madden said data showed “footfall at retail parks in states such as Arizona, Georgia, and Texas has declined as they have rowed back on the reopening of their economies”.
The pound was up 0.4 per cent against the dollar at $1.265. The euro was also down 0.3 per cent at $1.132.
UK bond yields hit all-time low
In a sign of investors’ nerves, UK short-dated bond yields touched record lows in morning trading as the FTSE 100 initially fell.
The yield on the 2-year bond or gilt dropped to minus 0.122 per cent before rebounding slightly. The yield on the 5-year gilt dropped to minus 0.09 per cent before rising. Yields move inversely to a bond’s price.
The fall in bond yields was largely driven by “rising speculation that the Bank of England will cut rates into negative territory in September,” said Michael Hewson, chief market analyst at trading platform CMC Markets.
“While many are warning of the perils of going down this route there is a growing belief that the Bank of England could well do so in September.”


cityam--2020-07-10--Google's Android 10 adopted faster than any earlier version

Google ’ s latest update to its Android operating system was adopted faster than any other previously release , reaching 100m devices in five months .
This was 28 per cent faster than Google ’ s last release Android Pie , it said this week .
After 300 days , Android 10 had been downloaded on 400m devices — approximately 16 per cent of Google ’ s total potential user base .
This is much slower than Apple ’ s iOS install rate of around 90 per cent , largely because Google ’ s Android system is open-source and is @ @ @ @ @ @ @ Google said the Android 10 adoption rate had increased thanks to updates made to its compliance software .
It also launched a developer preview programme in 2018 to help its major technology partners adapt to the new updates .
Read more : Huawei to delay smartphone production as US measures threaten bottleneck “ We ’ re excited by the increased adoption of Android and are grateful for the close collaborations with our chipset and [ equipment ] partners to deploy updates earlier , ” said a team of Google engineers in a blog @ @ @ @ @ @ @ on a number of enhancements in the platform and infrastructure to make it easier for developers and users to benefit from the latest versions of Android.
” The engineers said some of the main issues facing Android 10 revolve around the time it takes for device manufacturers to fit the latest update to their own technology , adding in patches to work with a phone ’ s camera or interface .
These customisations can often mean lengthy delays between the time at which the update is released , and when users can download @ @ @ @ @ @ @ on the other hand , can directly channel its software updates to users because it only provides iOS to its own devices .

Google’s Android 10 adopted faster than any earlier version
Google’s latest update to its Android operating system was adopted faster than any other previously release, reaching 100m devices in five months.
This was 28 per cent faster than Google’s last release Android Pie, it said this week.
After 300 days, Android 10 had been downloaded on 400m devices — approximately 16 per cent of Google’s total potential user base.
This is much slower than Apple’s iOS install rate of around 90 per cent, largely because Google’s Android system is open-source and is utilised by many different smartphone manufacturers.
Google said the Android 10 adoption rate had increased thanks to updates made to its compliance software. It also launched a developer preview programme in 2018 to help its major technology partners adapt to the new updates.
“We’re excited by the increased adoption of Android and are grateful for the close collaborations with our chipset and [equipment] partners to deploy updates earlier,” said a team of Google engineers in a blog post.
“We continue to work on a number of enhancements in the platform and infrastructure to make it easier for developers and users to benefit from the latest versions of Android.”
The engineers said some of the main issues facing Android 10 revolve around the time it takes for device manufacturers to fit the latest update to their own technology, adding in patches to work with a phone’s camera or interface.
These customisations can often mean lengthy delays between the time at which the update is released, and when users can download it onto their phone.
Apple, on the other hand, can directly channel its software updates to users because it only provides iOS to its own devices.


cityam--2020-07-10--R rate could be as high as 1 in London and England

England ’ s R rate could be as high as one , according to new government data published today .
The UK ’ s R rate is estimated at between 0.7 and 0.9 but England ’ s rate stands higher , between 0.8 and one , according to Sage .
The government ’ s group of science advisers estimated that London ’ s R rate is somewhere between 0.7 and one as England ’ s lockdown is eased .
The R rate is an estimate of the reproduction rate of coronavirus .
If the R rate is below one then @ @ @ @ @ @ @ diminishing .
An R rate of one in England and London means every person with coronavirus will pass it to one other person .
The UK ’ s current coronavirus growth rate remains negative , between minus five per cent and minus two per cent as of today .
Last Friday the R rate for the UK was 0.7 to 0.9 with a growth rate of minus six to zero per cent .
In England , the latest growth rate of coronavirus stands at minus four per cent to minus one per cent @ @ @ @ @ @ @ .
But it is now estimated to be shrinking more slowly than before .
Today ’ s R rate statistics for England are the first since pubs , restaurants , hotels and cafes were allowed to reopen on 4 July .
The Midlands has England ’ s lowest R number estimate , between 0.7 and 0.9 , slowing at a pace of minus six and minus two per cent .
But the east of England , the north east and Yorkshire , north west and south east could all have an R rate @ @ @ @ @ @ @ s R rate findings come with a statement explaining : “ When there is a significant amount of variability across a region , for example due to a local outbreak , then a single average value doesn ’ t accurately reflect the geographic distribution of infections.
” The government has been easing England ’ s coronavirus lockdown over the last few weeks , and yesterday revealed a date for theatres to reopen .
Retailers have reopened after a three-month lockdown , opening their doors again from 15 June .
And restaurants and pubs @ @ @ @ @ @ @ chancellor Rishi Sunak said the government would pay half the bill on diners ’ meals out throughout August to encourage people to return to restaurants and cafes .

R rate could be as high as 1 in London and England
England R rate could be as high as one according to official government data
England’s R rate could be as high as one, according to new government data published today.
The UK’s R rate is estimated at between 0.7 and 0.9 but England’s rate stands higher, between 0.8 and one, according to Sage.
The government’s group of science advisers estimated that London’s R rate is somewhere between 0.7 and one as England’s lockdown is eased.
The R rate is an estimate of the reproduction rate of coronavirus. If the R rate is below one then that means the virus’ spread is diminishing.
An R rate of one in England and London means every person with coronavirus will pass it to one other person.
The UK’s current coronavirus growth rate remains negative, between minus five per cent and minus two per cent as of today.
Last Friday the R rate for the UK was 0.7 to 0.9 with a growth rate of minus six to zero per cent.
In England, the latest growth rate of coronavirus stands at minus four per cent to minus one per cent. This means coronavirus is still shrinking.
But it is now estimated to be shrinking more slowly than before.
Today’s R rate statistics for England are the first since pubs, restaurants, hotels and cafes were allowed to reopen on 4 July.
The Midlands has England’s lowest R number estimate, between 0.7 and 0.9, slowing at a pace of minus six and minus two per cent.
But the east of England, the north east and Yorkshire, north west and south east could all have an R rate as high as one.
Sage’s R rate findings come with a statement explaining: “When there is a significant amount of variability across a region, for example due to a local outbreak, then a single average value doesn’t accurately reflect the geographic distribution of infections.”
The government has been easing England’s coronavirus lockdown over the last few weeks, and yesterday revealed a date for theatres to reopen.
Retailers have reopened after a three-month lockdown, opening their doors again from 15 June.
And restaurants and pubs reopened last weekend.
Earlier this week chancellor Rishi Sunak said the government would pay half the bill on diners’ meals out throughout August to encourage people to return to restaurants and cafes.
More to follow.


cityam--2020-07-10--Most Brits still 'uncomfortable' dining out in restaurants

Most Brits are still uncomfortable with sitting indoors at a restaurant due to fears over the spread of coronavirus , according to a new survey .
Alongside pubs and bars , restaurants were allowed to reopen on 4 July after months in lockdown .
Read more : Wagamama owner The Restaurant Group says some sites will remain closed until 2021 But the latest survey by the Office for National Statistics found that six in 10 UK adults would be uncomfortable or very uncomfortable to eat indoors at a restaurant .
Just 21 per cent of respondents said they would be @ @ @ @ @ @ @ most nervous about dining out , with 63 per cent saying they would be uncomfortable sitting in a restaurant compared to 57 per cent of men .
Over 70s were also less likely to go out for a meal inside a restaurant .
However , Brits were more at ease with the prospect of dining outdoors , with 37 per cent saying they would be comfortable with eating al fresco .
In total , 39 per cent said they would be uncomfortable with dining outdoors .
On Wednesday the chancellor announced a discount @ @ @ @ @ @ @ .
The Eat Out to Help Out scheme will offer a 50 per cent discount up to £10 per head at participating venues throughout August .
Managed pub , bar and restaurant suffered a 44.5 per cent slump in like-for-like trading during their opening window compared with the corresponding weekend last year .
Read more : Burger King boss warns over UK restaurant closures and job losses The Coffer Peach Business Tracker said that just 12 per cent of English restaurants reopened at the weekend compared to 42 per cent of pubs and @ @ @ @ @ @ @ take time for the trade to return but this provides a foundation on which to build consumer confidence and adapt and improve operations , ” Karl Chessell , director of business consultancy CGA , said .

Most Brits still ‘uncomfortable’ dining out in restaurants
Most Brits are still uncomfortable with sitting indoors at a restaurant due to fears over the spread of coronavirus, according to a new survey.
Alongside pubs and bars, restaurants were allowed to reopen on 4 July after months in lockdown.
But the latest survey by the Office for National Statistics found that six in 10 UK adults would be uncomfortable or very uncomfortable to eat indoors at a restaurant.
Just 21 per cent of respondents said they would be comfortable to eat indoors.
Women were most nervous about dining out, with 63 per cent saying they would be uncomfortable sitting in a restaurant compared to 57 per cent of men. Over 70s were also less likely to go out for a meal inside a restaurant.
However, Brits were more at ease with the prospect of dining outdoors, with 37 per cent saying they would be comfortable with eating al fresco.
In total, 39 per cent said they would be uncomfortable with dining outdoors.
On Wednesday the chancellor announced a discount scheme to encourage consumers back into restaurants.
The Eat Out to Help Out scheme will offer a 50 per cent discount up to £10 per head at participating venues throughout August.
Managed pub, bar and restaurant suffered a 44.5 per cent slump in like-for-like trading during their opening window compared with the corresponding weekend last year.
The Coffer Peach Business Tracker said that just 12 per cent of English restaurants reopened at the weekend compared to 42 per cent of pubs and bars.
“It is going to take time for the trade to return but this provides a foundation on which to build consumer confidence and adapt and improve operations,” Karl Chessell, director of business consultancy CGA, said.


cityam--2020-07-10--Ofcom fines Royal Mail £1.5m for missing delivery target

Ofcom today fined Royal Mail £1.5m for failing to meet its regulatory first-class delivery target in 2018 .
The company is required by Ofcom to deliver at least 93 per cnet of its first-class post within one working day , but it fell to 91.5 per cent in 2018/19 .
Read more : Royal Mail to slash 2,000 jobs as profit sinks 25 per cent The regulator said the postal service failed to provide any reason why it missed the target .
“ Royal Mail didn ’ t provide a satisfactory explanation for this , and didn ’ t take @ @ @ @ @ @ @ during the year , ” Ofcom said .
“ So , we ’ ve decided to impose a fine of £1,500,000 on Royal Mail for failing to meet its first-class delivery target.
” Ofcom has also fined Royal Mail £100,000 for overcharging customers for second-class stamps between 25 March and 31 March last year .
The regulator said : “ For 1 April 2018 to 31 March 2019 the cap was set at 60p .
However , Royal Mail increased its price for second-class stamps to 61p on 25 March 2019 , overcharging @ @ @ @ @ @ @ increased on 1 April 2019.
” The company estimated it had overcharged people by approximately £60,000 as a result , which it is unable to refund .
Gaucho Rasmussen , Ofcom ’ s director of investigations and enforcement said : “ Royal Mail let its customers down , and these fines should serve as a reminder that we ’ ll take action when companies fall short.
” The postal service said it accepts and understands the regulator ’ s decision .
On the decision around the second class price cap , Royal Mail @ @ @ @ @ @ @ We worked with Ofcom throughout this investigation and lessons have been learned by us during this process.
” Read more : Royal Mail chief executive Rico Back steps down after less than two years The company ’ s revenue has been hit by the pandemic since there has been a “ substantial ” switch from sending letters to parcels in the UK .
Letter revenue plummeted 23 per cent in April , and it has announced it could cut up to 2,000 jobs .
Chief executive Rico Back stepped down two months ago @ @ @ @ @ @ @ role .
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Ofcom fines Royal Mail £1.5m for missing delivery target
Ofcom today fined Royal Mail £1.5m for failing to meet its regulatory first-class delivery target in 2018.
The company is required by Ofcom to deliver at least 93 per cnet of its first-class post within one working day, but it fell to 91.5 per cent in 2018/19.
The regulator said the postal service failed to provide any reason why it missed the target.
“Royal Mail didn’t provide a satisfactory explanation for this, and didn’t take sufficient steps to get back on track during the year,” Ofcom said. “So, we’ve decided to impose a fine of £1,500,000 on Royal Mail for failing to meet its first-class delivery target.”
Ofcom has also fined Royal Mail £100,000 for overcharging customers for second-class stamps between 25 March and 31 March last year.
The regulator said: “For 1 April 2018 to 31 March 2019 the cap was set at 60p. However, Royal Mail increased its price for second-class stamps to 61p on 25 March 2019, overcharging customers for seven days until the cap increased on 1 April 2019.”
The company estimated it had overcharged people by approximately £60,000 as a result, which it is unable to refund.
Gaucho Rasmussen, Ofcom’s director of investigations and enforcement said: “Royal Mail let its customers down, and these fines should serve as a reminder that we’ll take action when companies fall short.”
The postal service said it accepts and understands the regulator’s decision. On the decision around the second class price cap, Royal Mail said: “We made a mistake… We worked with Ofcom throughout this investigation and lessons have been learned by us during this process.”
The company’s revenue has been hit by the pandemic since there has been a “substantial” switch from sending letters to parcels in the UK. Letter revenue plummeted 23 per cent in April, and it has announced it could cut up to 2,000 jobs.
Chief executive Rico Back stepped down two months ago after less than two years in the role.
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cityam--2020-07-11--Private equity firms eye listed companies as economy starts to reopen

The coronavirus pandemic has left a number of UK-listed companies scrambling for cash , with private equity firms tempted to swoop as the crisis develops .
PE firms are eyeing opportunities as they move to deploy more of their dry powder into public entities as the economy starts to reopen in the wake of the coronavirus crisis .
Read more : Frustrations grow for women in private equity as pay gap issues continue Data from Private Equity International shows the capital raised for Europe-focused buyout funds alone has inched up in recent years , with $ 49.54bn raised in 2019 @ @ @ @ @ @ @ been raised in the first quarter .
But this is likely to rise as funds close towards the end of the quarter , including private equity giant CVC ’ s VIII fund , which is targeting €18bn ( £16.1bn ) .
This huge amount of capital paired with depressed valuations is likely to accelerate the increasing number of take-private deals .
Last year saw a new record for UK take-privates , according to Pitchbook data .
The momentum of those deals was responsible for half of 2019 ’ s record deal value reading @ @ @ @ @ @ @ The combination of billions in dry powder , a depressed market and the looming deadline of Brexit is a perfect storm for take-privates .
Dominick Mondesir , EMEA private capital analyst at Pitchbook , predicts activity to remain healthy in the medium to long-term “ as general partners look to take advantage of the market dislocation across both main and AIM public markets ” .
Before the Open : Get the jump on the markets with our early morning newsletter While much has been made of comparisons with the 2008 crisis , private @ @ @ @ @ @ @ the lessons learned during the crash to the current economic devastation .
Ed Stead , head of private equity at law firm Pinsent Masons , says : “ I ’ ve heard quite a few houses generally say they want to act more quickly as they recover from this crisis compared to 2008.
” Indeed , KKR , one of the world ’ s biggest private equity firms , started to deploy capital as soon as the pandemic took hold , buying waste-management firm Viridor from Pennon Group for £4.2bn in March .
@ @ @ @ @ @ @ PE firms for being too cautious while some firms that were a bit more bold made great returns , ” Stead adds .
KKR , one of the world ’ s biggest PE houses , has been the most active firm globally since the pandemic took hold , deploying $ 12.7bn ( £10.05bn ) , according to data compiled by Bloomberg .
Read more : Two-thirds of Brits think coronavirus bailouts should have strings attached Simon Wood , partner at Addleshaw Goddard , predicts a rush of activity in the second half of @ @ @ @ @ @ @ see a herd mentality .
When one or two deals go it might mean everybody feels more comfortable.
” A recent survey by Addleshaw Goddard found 26 per cent of private equity firms were more likely to carry out a public to private transaction if they saw others doing so too .
As firms compete to raise funds from institutional investors , Addleshaw partner Mike Hinchliffe suspects firms are realising that if competitors complete a few take-private deals and “ they show they were good deals because they ’ ve bought a good @ @ @ @ @ @ @ them on… that could be something that makes them more attractive.
” So where will the private equity firms focus their attention once a semblance of normality returns in the wake of coronavirus ?
As the valuation gap between the main and AIM market continues to grow , Mondesir predicts general partners ’ appetite for AIM targets to grow , particularly small-cap pharma and high-growth technology for growth investors .
AIM is a sub-market of the London Stock Exchange for smaller growing companies , from early-stage venture-capital-backed firms to more established companies .
@ @ @ @ @ @ @ and more profitable companies in recent years , with governance and reputation also growing .
The number of PE-backed deals for AIM companies have trebled in the past year .
PE funds bought and took 12 companies private in 2019/20 , compared to just four deals in the previous year ended 31 March .
As the economic consequences of the pandemic start to be realised , AIM companies will likely face greater liquidity and in some cases solvency stress .
That , coincided with a paring down of government support , will mean @ @ @ @ @ @ @ credit markets remain limited , Mondesir says .
“ This dynamic could lead to more sponsors stepping in to acquire these assets from the public markets , ” he adds .
However , Stead warns that while take-private transactions may look attractive because of depressed valuations “ there is a gamble to be considered around where valuations will be in a few months.
” Many of the bigger firms , like KKR , may consider the leap of faith to be worth it in the face of further waves of the pandemic .
@ @ @ @ @ @ @ day with the City View podcast and key market data Zoom has come to characterise much of the City ’ s coronavirus lockdown experience , but it has posed difficulties for due diligence within the private equity industry .
Michael Mowlam , head of private equity at family office Sandaire , says : “ There is a lot of value in walking round an office or a factory before buying a business and seeing how management teams interact with staff .
You get a feel for the culture and organisation and it is @ @ @ @ @ @ @ ” With that in mind , private equity firms may instead look to so-called pipe deals over take-privates , which offers a middle ground .
A pipe deal is a private investment in public equity , which involves the selling of shares to private investors .
They are more commonplace in the US than in the UK , with figures from PrivateRaise showing more than 1,100 pipe transactions worth $ 74.3bn occurring this year alone .
Read more : Virgin Atlantic launches desperate plea for government support as buyout firms circle A pipe @ @ @ @ @ @ @ since Warburg Pincus took a stake in Mr Kipling cakes maker Premier Food in 2019 .
However , the coronavirus crisis has seen private equity firm Clayton , Dubilier & Rice invest up to £85m in construction supplier SIG .
It was part of a wider equity raise proposed by the company at the end of May , worth approximately £150m .
Wood says : “ In the past a lot of [ UK ] funds have said that while they may want to it ’ s not what they ’ ve been @ @ @ @ @ @ @ what investors want.
” But while it is not where PE naturally sits , it remains true that amid the pandemic some companies simply need cash injections to survive .
Target boards and shareholders in industries suffering heavy losses due to the pandemic are unlikely to be receptive to seemingly exploitative offers .
But an equity stake may prove more palatable in the current environment , and it could work well as a long-term strategy for funds with a view to doing a full take-private later down the line .
“ Shareholder approval @ @ @ @ @ @ @ ] could be easier to win when the economy has stabilised somewhat , ” adds Mondesir .
However , pipe deals do come with lengthy prospectus requirements and limits on the discounts that can be offered .
These restrictions lessen somewhat on AIM-listed firms , making general partners further look beyond the main market .

Private equity firms eye listed companies as economy starts to reopen
Private equity firms are looking to deploy capital in public markets as the economy starts to reopen in the wake of the pandemic.
The coronavirus pandemic has left a number of UK-listed companies scrambling for cash, with private equity firms tempted to swoop as the crisis develops.
PE firms are eyeing opportunities as they move to deploy more of their dry powder into public entities as the economy starts to reopen in the wake of the coronavirus crisis.
Data from Private Equity International shows the capital raised for Europe-focused buyout funds alone has inched up in recent years, with $49.54bn raised in 2019.
This year just $2.69bn has been raised in the first quarter. But this is likely to rise as funds close towards the end of the quarter, including private equity giant CVC’s VIII fund, which is targeting €18bn (£16.1bn).
This huge amount of capital paired with depressed valuations is likely to accelerate the increasing number of take-private deals.
Last year saw a new record for UK take-privates, according to Pitchbook data. The momentum of those deals was responsible for half of 2019’s record deal value reading, Pitchbook’s data showed.
The combination of billions in dry powder, a depressed market and the looming deadline of Brexit is a perfect storm for take-privates.
Dominick Mondesir, EMEA private capital analyst at Pitchbook, predicts activity to remain healthy in the medium to long-term “as general partners look to take advantage of the market dislocation across both main and AIM public markets”.
Lessons learned from 2008
While much has been made of comparisons with the 2008 crisis, private equity funds are certainly looking to apply the lessons learned during the crash to the current economic devastation.
Ed Stead, head of private equity at law firm Pinsent Masons, says: “I’ve heard quite a few houses generally say they want to act more quickly as they recover from this crisis compared to 2008.”
Indeed, KKR, one of the world’s biggest private equity firms, started to deploy capital as soon as the pandemic took hold, buying waste-management firm Viridor from Pennon Group for £4.2bn in March.
“A number of limited partners criticised PE firms for being too cautious while some firms that were a bit more bold made great returns,” Stead adds.
KKR, one of the world’s biggest PE houses, has been the most active firm globally since the pandemic took hold, deploying $12.7bn (£10.05bn), according to data compiled by Bloomberg.
Simon Wood, partner at Addleshaw Goddard, predicts a rush of activity in the second half of the year. “You almost could see a herd mentality. When one or two deals go it might mean everybody feels more comfortable.”
A recent survey by Addleshaw Goddard found 26 per cent of private equity firms were more likely to carry out a public to private transaction if they saw others doing so too.
As firms compete to raise funds from institutional investors, Addleshaw partner Mike Hinchliffe suspects firms are realising that if competitors complete a few take-private deals and “they show they were good deals because they’ve bought a good business at a low valuation and sell them on… that could be something that makes them more attractive.”
Private equity will circle AIM market for coronavirus stakes
Private equity firms are set to focus on London’s AIM market to find take-private targets
So where will the private equity firms focus their attention once a semblance of normality returns in the wake of coronavirus?
As the valuation gap between the main and AIM market continues to grow, Mondesir predicts general partners’ appetite for AIM targets to grow, particularly small-cap pharma and high-growth technology for growth investors.
AIM is a sub-market of the London Stock Exchange for smaller growing companies, from early-stage venture-capital-backed firms to more established companies. The market has become home to larger and more profitable companies in recent years, with governance and reputation also growing.
The number of PE-backed deals for AIM companies have trebled in the past year. PE funds bought and took 12 companies private in 2019/20, compared to just four deals in the previous year ended 31 March.
As the economic consequences of the pandemic start to be realised, AIM companies will likely face greater liquidity and in some cases solvency stress. That, coincided with a paring down of government support, will mean their access to the investment grade liquid credit markets remain limited, Mondesir says.
“This dynamic could lead to more sponsors stepping in to acquire these assets from the public markets,” he adds.
However, Stead warns that while take-private transactions may look attractive because of depressed valuations “there is a gamble to be considered around where valuations will be in a few months.”
Many of the bigger firms, like KKR, may consider the leap of faith to be worth it in the face of further waves of the pandemic.
Before the Open newsletter: Start your day with the City View podcast and key market data
Pipe deals offer an alternative for cautious investors
Zoom has come to characterise much of the City’s coronavirus lockdown experience, but it has posed difficulties for due diligence within the private equity industry.
Michael Mowlem, head of private equity at family office Sandaire, says: “There is a lot of value in walking round an office or a factory before buying a business and seeing how management teams interact with staff. You get a feel for the culture and organisation and it is impossible to quantify what that is otherwise.”
With that in mind, private equity firms may instead look to so-called pipe deals over take-privates, which offers a middle ground.
A pipe deal is a private investment in public equity, which involves the selling of shares to private investors. They are more commonplace in the US than in the UK, with figures from PrivateRaise showing more than 1,100 pipe transactions worth $74.3bn occurring this year alone.
A pipe deal in the UK has not occurred since Warburg Pincus took a stake in Mr Kipling cakes maker Premier Food in 2009. However, the coronavirus crisis has seen private equity firm Clayton, Dubilier & Rice invest up to £85m in construction supplier SIG. It was part of a wider equity raise proposed by the company at the end of May, worth approximately £150m.
Wood says: “In the past a lot of [UK] funds have said that while they may want to it’s not what they’ve been set up to do and therefore not what investors want.”
But while it is not where PE naturally sits, it remains true that amid the pandemic some companies simply need cash injections to survive.
Target boards and shareholders in industries suffering heavy losses due to the pandemic are unlikely to be receptive to seemingly exploitative offers.
But an equity stake may prove more palatable in the current environment, and it could work well as a long-term strategy for funds with a view to doing a full take-private later down the line.
“Shareholder approval [for a public to private deal] could be easier to win when the economy has stabilised somewhat,” adds Mondesir.
However, pipe deals do come with lengthy prospectus requirements and limits on the discounts that can be offered. These restrictions lessen somewhat on AIM-listed firms, making general partners further look beyond the main market.


cityam--2020-07-12--Virgin Atlantic set to announce £1bn rescue deal

Virgin Atlantic is reportedly finalising a £1bn rescue deal that would save thousands of aviation jobs in the UK .
The airline , founded by Richard Branson , is finalising a deal to release tens of millions of pounds in credit-card cash that was being withheld .
Read more : Virgin Atlantic secures £200m from Virgin in bid for £1bn rescue deal Sky News last night reported that Virgin was trying to resolve a demand for collateral from payment processing firm First Data .
The report claims chief executive Shai Weiss is looking to moderate the requests that it holds @ @ @ @ @ @ @ future bookings to protect the risk of Virgin ’ s collapse .
A solution would then pave the way for hedge fund Davidson Kempner Capital Management to inject £200m of debt into Virgin .
However , it will not require shares in the airline with Branson and Delta Air Lines retaining their 51 per cent and 49 per cent respective holdings .
Branson is trying to sell roughly $ 400m of his stake in his space tourism venture to inject around £200m into the struggling airline .
Virgin Atlantic recently announced a restructuring @ @ @ @ @ @ @ cut costs .
It is cutting almost a third of its workforce – 3,150 jobs – and is stopping flights from London Gatwick .
The airline is also cutting the size of its fleet and retiring older plans like its Boeing 747 .
Read more : Virgin Atlantic seeks up to £900m in rescue bid after coronavirus turbulence Branson ’ s firm had pushed for direct support from the government , but the Chancellor in April said state aid would be available to airlines “ only as a last resort ” .
Get @ @ @ @ @ @ @ City A.M. on Twitter .

Virgin Atlantic set to announce £1bn rescue deal
Virgin Atlantic has announced it will become part of global airline alliance SkyTeam from next year, becoming the first carrier to join in eight years.
Virgin Atlantic is reportedly finalising a £1bn rescue deal that would save thousands of aviation jobs in the UK.
The airline, founded by Richard Branson, is finalising a deal to release tens of millions of pounds in credit-card cash that was being withheld.
Sky News last night reported that Virgin was trying to resolve a demand for collateral from payment processing firm First Data.
The report claims chief executive Shai Weiss is looking to moderate the requests that it holds on to all the cash generated by future bookings to protect the risk of Virgin’s collapse.
A solution would then pave the way for hedge fund Davidson Kempner Capital Management to inject £200m of debt into Virgin.
However, it will not require shares in the airline with Branson and Delta Air Lines retaining their 51 per cent and 49 per cent respective holdings.
The Virgin Group recently completed the sale of 37.5m shares in Branson’s space tourism venture, Virgin Galactic, and intends to use some of the proceeds to help Virgin Atlantic.
Virgin Atlantic recently announced a restructuring of its operations in a bid to cut costs. It is cutting almost a third of its workforce – 3,150 jobs – and is stopping flights from London Gatwick.
The airline is also cutting the size of its fleet and retiring older plans like its Boeing 747.
Branson’s firm had pushed for direct support from the government, but the Chancellor in April said state aid would be available to airlines “only as a last resort”.
Virgin Atlantic declined to comment.
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cityam--2020-07-12--Primark set to reject Treasury's furlough bonus payment

Primark will reportedly reject a £30m bonus handout unveiled in the Chancellor ’ s summer statement .
The retailer has said it will not claim the £1,000 payment for every worker it brings back from furlough , according to the Sunday Times .
Last night gambling firm William Hill also reportedly indicated it would also reject the furlough bonuses worth up to £7m .
The “ job retention bonus ” programme to encourage companies to bring back workers was among a raft of measures designed to kickstart the economy .
In his summer statement , Rishi Sunak said employers who @ @ @ @ @ @ @ of January will receive a handout .
Big companies that have furloughed staff – 30,000 in Primark ’ s case – will also receive the money even if they are not struggling financially .
Before the Open : Get the jump on the markets with our early morning newsletter Primark was forced to close all of its stores when lockdown measures were introduced in March .
It resulted in a loss of £650m worth of sales every month .
Its owner , Associated British Foods , revealed a £284m hit for unsold stock @ @ @ @ @ @ @ s decision to reject government support will pile pressure on other big firms not to take the windfall payments at the expense of the taxpayers .
Read more : New job retention bonus at heart of Rishi Sunak ’ s £30bn spending spree Sunak ’ s scheme has already faced criticism for its “ one size fits all ” approach .
The boss of HMRC , Jim Harra , wrote to Sunak raising concerns about the scheme .
He said : “ It has proved difficult to establish a counterfactual for this scheme @ @ @ @ @ @ @ of the scheme and the number of extra jobs it would protect , both of which are currently highly uncertain.
” Before the Open newsletter : Start your day with the City View podcast and key market data

Primark set to reject Treasury’s furlough bonus payment
Primark will reportedly reject a £30m bonus handout unveiled in the Chancellor’s summer statement.
The retailer has said it will not claim the £1,000 payment for every worker it brings back from furlough, according to the Sunday Times.
Last night gambling firm William Hill also reportedly indicated it would also reject the furlough bonuses worth up to £7m.
The “job retention bonus” programme to encourage companies to bring back workers was among a raft of measures designed to kickstart the economy. In his summer statement, Rishi Sunak said employers who take back furloughed workers until the end of January will receive a handout.
Big companies that have furloughed staff – 30,000 in Primark’s case – will also receive the money even if they are not struggling financially.
Before the Open: Get the jump on the markets with our early morning newsletter
Primark was forced to close all of its stores when lockdown measures were introduced in March. It resulted in a loss of £650m worth of sales every month. Its owner, Associated British Foods, revealed a £284m hit for unsold stock while stores were shut.
Primark’s decision to reject government support will pile pressure on other big firms not to take the windfall payments at the expense of the taxpayers.
Sunak’s scheme has already faced criticism for its “one size fits all” approach. The boss of HMRC, Jim Harra, wrote to Sunak raising concerns about the scheme.
He said: “It has proved difficult to establish a counterfactual for this scheme, which depends on the overall cost of the scheme and the number of extra jobs it would protect, both of which are currently highly uncertain.”
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-07-12--Michael Gove: Face coverings will not be mandatory in shops

Face coverings will not be made mandatory inside shops by the government but it is “ basic good manners ” to wear one , according to Cabinet Office minister Michael Gove .
Gove said today that he trusted “ people ’ s good sense ” to wear face coverings where necessary , without forcing people to do it by law .
Read more : Pub-goers opt for pints on first weekend back but sales still fall short Pressure has begun to grow on the government to take a harder stance with face masks , after a number of recent studies @ @ @ @ @ @ @ of coronavirus .
Mayor of London Sadiq Khan has been a vocal supporter of making them mandatory in shops , while shadow business minister Lucy Powell said today that Labour supported it also .
Boris Johnson was also seen wearing one for the first time this week in his constituency of Uxbridge , commenting that “ the balance of scientific opinion seems to have shifted more in favour of them than it was , and we ’ re very keen to follow that ” .
However , Gove appeared to pour cold water @ @ @ @ @ @ @ BBC today .
When asked if face coverings should be mandatory , he said : “ I don ’ t think mandatory , but I would encourage people to wear face masks .
“ It ’ s basic good manners , courtesy , consideration to wear a face mask if you are for example in a shop .
However , when pressed on the issue he added : “ If necessary and if tough measures are required then tough measures will be taken.
” Read more : WHO warns coronavirus is accelerating as @ @ @ @ @ @ @ News this morning that making people wear face masks in more public settings could increase consumer confidence .
“ I do agree with you that we do need to get a lot more confidence back in the system and if mandatory wearing of face masks in shops will help to do that , then we absolutely support it , ” she said .

Michael Gove: Face coverings will not be mandatory in shops
Tesco, Asda, Aldi, and Waitrose are some of the latest retailers to say they will encourage customers and shop workers to continue wearing masks in their supermarkets even after July 19.
Face coverings will not be made mandatory inside shops by the government but it is “basic good manners” to wear one, according to Cabinet Office minister Michael Gove.
Gove said today that he trusted “people’s good sense” to wear face coverings where necessary, without forcing people to do it by law.
Pressure has begun to grow on the government to take a harder stance with face masks, after a number of recent studies showed their effectiveness in stopping the spread of coronavirus.
Mayor of London Sadiq Khan has been a vocal supporter of making them mandatory in shops, while shadow business minister Lucy Powell said today that Labour supported it also.
Boris Johnson was also seen wearing one for the first time this week in his constituency of Uxbridge, commenting that “the balance of scientific opinion seems to have shifted more in favour of them than it was, and we’re very keen to follow that”.
However, Gove appeared to pour cold water on the suggestion when appearing on the BBC today.
When asked if face coverings should be mandatory, he said: “I don’t think mandatory, but I would encourage people to wear face masks.
“It’s basic good manners, courtesy, consideration to wear a face mask if you are for example in a shop.
“I trust people’s good sense.”
However, when pressed on the issue he added: “If necessary and if tough measures are required then tough measures will be taken.”
Lucy Powell told Sky News this morning that making people wear face masks in more public settings could increase consumer confidence.
“I do agree with you that we do need to get a lot more confidence back in the system and if mandatory wearing of face masks in shops will help to do that, then we absolutely support it,” she said.


cityam--2020-07-12--London leads Europe in follow-on fundraising with busiest period in a decade

While London markets may have faced a lull in new placings , they had their busiest half for follow-on fundraising in a decade .
Data from accountancy firm EY shows more than £21bn of funds were raised in the first and second quarters in London .
Read more : Private equity firms eye listed companies as economy starts to reopen In the six months to June , existing issuers dominated the market raising funds via a range of placings , rights issues and other transactions in a bid to shore up their balance sheets .
Of all the funds amassed @ @ @ @ @ @ @ 40 per cent was raised in London .
In a combined measure of IPO and follow-on activity since the start of the year , London came behind only NYSE and the Nasdaq , and Hong Kong .
Scott McCubbin , EY ’ s UK & Ireland IPO Leader , said : “ Whilst IPO activity has been almost extinguished by COVID-19 , in what is historically the busiest quarter of the year , the markets were focussed on supporting fundraising by existing issuers to shore-up finances to mitigate the impact of the pandemic.
@ @ @ @ @ @ @ in the main market this year – Blackfinch Spring VCT , which raised around £3m in the second quarter .
Shanghai-listed China Pacific Insurance Group also raised £1.44bn by listing Global Depositary Receipts ( GDR ) in London , the second listing raised under the London Shanghai Stock Connect programme .
Although some IPOs have been shelved , firms seem more optimistic for a float in the latter half of the year .
The volatility seen in March has calmed somewhat and stock prices and valuations have recovered .
As such deals that @ @ @ @ @ @ @ considered for the second half of 2020 .
Helen Pratten , Strategy & Transactions Partner said : “ A further rebound of IPO activity is expected in H2 2020 , on the back of strong June global IPO performance.
” “ However , uncertainties continue to be present .
A possible second wave of COVID-19 , US-China tension , Brexit negotiations , the US election and low oil prices could derail some of the positive global momentum we began to see in June.
” Get the news as it happens by following City @ @ @ @

London leads Europe in follow-on fundraising with busiest period in a decade
The FTSE opened down this morning.
While London markets may have faced a lull in new placings, they had their busiest half for follow-on fundraising in a decade.
Data from accountancy firm EY shows more than £21bn of funds were raised in the first and second quarters in London.
In the six months to June, existing issuers dominated the market raising funds via a range of placings, rights issues and other transactions in a bid to shore up their balance sheets.
Of all the funds amassed in Europe in the second quarter, 40 per cent was raised in London. In a combined measure of IPO and follow-on activity since the start of the year, London came behind only NYSE and the Nasdaq, and Hong Kong.
Scott McCubbin, EY’s UK & Ireland IPO Leader, said: “Whilst IPO activity has been almost extinguished by COVID-19, in what is historically the busiest quarter of the year, the markets were focussed on supporting fundraising by existing issuers to shore-up finances to mitigate the impact of the pandemic.”
There has been just one float in the main market this year – Blackfinch Spring VCT, which raised around £3m in the second quarter. Shanghai-listed China Pacific Insurance Group also raised £1.44bn by listing Global Depositary Receipts (GDR) in London, the second listing raised under the London Shanghai Stock Connect programme.
Although some IPOs have been shelved, firms seem more optimistic for a float in the latter half of the year. The volatility seen in March has calmed somewhat and stock prices and valuations have recovered. As such deals that were postponed until 2021 are now being considered for the second half of 2020.
Helen Pratten, Strategy & Transactions Partner said: “A further rebound of IPO activity is expected in H2 2020, on the back of strong June global IPO performance.”
“However, uncertainties continue to be present. A possible second wave of COVID-19, US-China tension, Brexit negotiations, the US election and low oil prices could derail some of the positive global momentum we began to see in June.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-07-12--World’s biggest firms to borrow $1 trillion amid coronavirus crash

The world ’ s biggest companies are set to borrow as much as $ 1 trillion ( £790bn ) this year as they try to weather the coronavirus crisis , according to one of the City ’ s biggest asset managers .
The world ’ s 900 biggest companies borrowed an additional $ 384bn between January and May by issuing bonds as they scrambled to strengthen their finances , Janus Henderson ’ s corporate debt index showed .
Read more : City watchdog tells UK banks to prepare for coronavirus debt pile And firms are set to borrow much more @ @ @ @ @ @ @ second wave of coronavirus infections , the asset manager said .
The corporate debt index looks at the 900 largest non-financial firms in the world .
It showed that companies borrowed a record amount in 2019 .
Net debts jumped by $ 625bn last year , Janus Henderson said .
That was easily the biggest increase in the last five years .
It took the net borrowings – total debt minus cash – of the index to a record $ 8.3 trillion .
It funded mergers and acquisitions , share buy-backs , dividends @ @ @ @ @ @ @ portfolio manager at Janus , told City A.M. that some firms may now regret borrowing so much .
“ If you were a company that put on a lot of debt in 2019 , you would have preferred not to do that coming into 2020 given what we ’ ve seen.
” Yet he said debt levels were not necessarily a problem given that interest rates are so low .
As economies have been ravaged by coronavirus , firms have looked to borrow record amounts to ensure they have spare cash .
Janus @ @ @ @ @ @ @ up to $ 1 trillion this year .
That would add 12 per cent to the debt of the world ’ s biggest firms .
“ The vast majority of the money that is being issued today is basically to sit on the balance sheet , ” Meyer said .
“ Just as an individual if you were thinking the future is uncertain , you ’ re going to raise your own cash balance , ” he said .
“ For companies it ’ s going to be the same thing.
” Company @ @ @ @ @ @ @ by central banks ’ record low interest rates .
The firms on the index today owe almost 40 per cent more than they did in 2014 , the index showed .
Yet pre-tax profits have risen 9.1 per cent in that time .
The corporate debt index showed that Germany ’ s Volkswagen was the most indebted company in the world in 2019 .
It owed an enormous $ 192bn .
That is not far behind the sovereign debt of South Africa or Hungary .
US telecoms giant AT & T is the @ @ @ @ @ @ @ It owed $ 176bn in 2019 .
Some firms on the index do not borrow , however .
Google-owner Alphabet had the biggest cash reserves in 2019 , with $ 104bn .
The huge increase in debt in 2020 could pose problems for companies in the coming months or years .
Read more : Now ’ s not the time to worry about £500bn of government borrowing , says IFS Meyer said the “ million dollar question ” was whether the economy and companies grow enough for firms to easily pay back the @ @ @ @ @ @ @ biggest risk to the added leverage on these companies ’ balance sheets is really how long we stay in this low growth environment and don ’ t recover , ” he said .

World’s biggest firms to borrow $1 trillion amid coronavirus crash
The world’s biggest companies are set to borrow as much as $1 trillion (£790bn) this year as they try to weather the coronavirus crisis, according to one of the City’s biggest asset managers.
The world’s 900 biggest companies borrowed an additional $384bn between January and May by issuing bonds as they scrambled to strengthen their finances, Janus Henderson’s corporate debt index showed.
And firms are set to borrow much more as they brace themselves for a possible second wave of coronavirus infections, the asset manager said.
The corporate debt index looks at the 900 largest non-financial firms in the world. It showed that companies borrowed a record amount in 2019.
Net debts jumped by $625bn last year, Janus Henderson said. That was easily the biggest increase in the last five years. It took the net borrowings – total debt minus cash – of the index to a record $8.3 trillion.
It funded mergers and acquisitions, share buy-backs, dividends and investment.
Seth Meyer, a portfolio manager at Janus, told City A.M. that some firms may now regret borrowing so much.
“If you were a company that put on a lot of debt in 2019, you would have preferred not to do that coming into 2020 given what we’ve seen.”
Yet he said debt levels were not necessarily a problem given that interest rates are so low.
As economies have been ravaged by coronavirus, firms have looked to borrow record amounts to ensure they have spare cash.
Janus Henderson estimated net borrowing will jump by up to $1 trillion this year. That would add 12 per cent to the debt of the world’s biggest firms.
Firms now borrowing to strengthen balance sheets
“The vast majority of the money that is being issued today is basically to sit on the balance sheet,” Meyer said.
“Just as an individual if you were thinking the future is uncertain, you’re going to raise your own cash balance,” he said. “For companies it’s going to be the same thing.”
Company borrowing has been boosted in recent years by central banks’ record low interest rates.
The firms on the index today owe almost 40 per cent more than they did in 2014, the index showed. Yet pre-tax profits have risen 9.1 per cent in that time.
The corporate debt index showed that Germany’s Volkswagen was the most indebted company in the world in 2019. It owed an enormous $192bn. That is not far behind the sovereign debt of South Africa or Hungary.
US telecoms giant AT&T is the second-most indebted firm on the index. It owed $176bn in 2019.
Some firms on the index do not borrow, however. Google-owner Alphabet had the biggest cash reserves in 2019, with $104bn.
The huge increase in debt in 2020 could pose problems for companies in the coming months or years.
Meyer said the “million dollar question” was whether the economy and companies grow enough for firms to easily pay back the debt incurred during coronavirus.
“The biggest risk to the added leverage on these companies’ balance sheets is really how long we stay in this low growth environment and don’t recover,” he said.


cityam--2020-07-12--Brexit: A quarter of British businesses ready for end of transition period

Less than a quarter of British business leaders are ready for the end of the Brexit transition period on 31 December , according to a new survey .
A new survey from the Institute of Directors out today showed just 24 per cent of company directors thought their businesses were “ fully prepared ” and 19 per cent are “ somewhat prepared ” for when the UK leaves the EU single market and customs union .
Fourteen per cent said they could not focus on Brexit due to the coronavirus crisis , 31 per cent said they would “ adjust @ @ @ @ @ @ @ 11 per cent that they didn ’ t expect the change would have any impact to their business .
The survey revealed that those in the financial sector were most likely to be prepared , while the manufacturing sector in particular “ had more to do ” .
It comes as the government will tomorrow begin a widespread advertising campaign to raise awareness about potential changes next year .
The UK is negotiating a free trade deal with the EU , however there is still a distinct chance of Britain leaving the single @ @ @ @ @ @ @ at the end of the year .
Cabinet Office minister , and defacto Brexit minister , Michael Gove said last month that he was “ concerned ” at how few businesses were prepared for the changes Brexit would bring .
Commenting on the survey , Institute of Directors Jonathan Geldart said : “ With so much going on , many directors feel that preparing for Brexit proper is like trying to hit a moving target .
Jumping immediately into whatever comes next would be a nightmare for many businesses.
” Gove announced yesterday @ @ @ @ @ @ @ preparing the country ’ s borders for next year .
The funding is being spent on 500 new border guards , IT systems and essential infrastructure at Dover and other ports of entry as the UK prepares for the end of the post-Brexit transition period on 31 December .
The UK is set to have its border checks fully operational by next July , after the coronavirus crisis forced a six-month delay of plans .
Speaking to the BBC , Gove said : “ The critical thing about our new border infrastructure is @ @ @ @ @ @ @ allow us to trade with Europe but also to make it easier to trade with the rest of the world .
”

Brexit: A quarter of British businesses ready for end of transition period
Ahead of the opening on the first day of business since the coronavirus lockdown, customers queue on the pavement outside W.J. French and Son, a long-established shoe-fitting shop in Southampton, on the south coast of England on June 15, 2020, as some non-essential retailers reopen from their coronavirus shutdown. – Various stores and outdoor attractions in England are set to open Monday for the first time in nearly three months, as the government continues to ease its coronavirus lockdown. (Photo by ADRIAN DENNIS / AFP) (Photo by ADRIAN DENNIS/AFP via Getty Images)
Less than a quarter of British business leaders are ready for the end of the Brexit transition period on 31 December, according to a new survey.
A new survey from the Institute of Directors out today showed just 24 per cent of company directors thought their businesses were “fully prepared” and 19 per cent are “somewhat prepared” for when the UK leaves the EU single market and customs union.
Fourteen per cent said they could not focus on Brexit due to the coronavirus crisis, 31 per cent said they would “adjust once final changes are clear” and 11 per cent that they didn’t expect the change would have any impact to their business.
The survey revealed that those in the financial sector were most likely to be prepared, while the manufacturing sector in particular “had more to do”.
It comes as the government will tomorrow begin a widespread advertising campaign to raise awareness about potential changes next year.
The UK is negotiating a free trade deal with the EU, however there is still a distinct chance of Britain leaving the single market and customs union without a deal at the end of the year.
Cabinet Office minister, and defacto Brexit minister, Michael Gove said last month that he was “concerned” at how few businesses were prepared for the changes Brexit would bring.
Commenting on the survey, Institute of Directors Jonathan Geldart said: “With so much going on, many directors feel that preparing for Brexit proper is like trying to hit a moving target. Jumping immediately into whatever comes next would be a nightmare for many businesses.”
Gove announced yesterday that the government would spend £700m on preparing the country’s borders for next year.
The funding is being spent on 500 new border guards, IT systems and essential infrastructure at Dover and other ports of entry as the UK prepares for the end of the post-Brexit transition period on 31 December.
The UK is set to have its border checks fully operational by next July, after the coronavirus crisis forced a six-month delay of plans.
Speaking to the BBC, Gove said: “The critical thing about our new border infrastructure is that it’s there both to allow us to trade with Europe but also to make it easier to trade with the rest of the world.”


cityam--2020-07-12--‘Limited time’ left for details of post-Brexit regional funding schemes, says IFS

The European regional development funding schemes will soon wind down but the government is yet to confirm details of its proposed replacement .
With less than six months until the UK leaves the EU , the Institute for Fiscal Studies ( IFS ) has called on the government to reveal its intentions for the Shared Prosperity Fund .
A new report by the think tank finds that Cornwall is likely to lose millions of pounds of funding when the transitional arrangements end .
The region currently receives seven times as much per person per year ( €144 ) as Lincolnshire @ @ @ @ @ @ @ €18 ) .
EU rules give funding to areas with economic output per person just below 75 per cent of the EU average than to areas just above the threshold .
The IFS has concluded that a more “ rational ” scheme would see Cornwall lose out in the long term unless overall regional development funding is substantially increased .
Alex Davenport , a research economist at the IFS and an author of the report , said : “ “ New rules and funding formulas will ultimately be needed .
And this will @ @ @ @ @ @ @ if we want to avoid the new system being an irrational fudge.
” A pledge that Scotland , Wales and Northern Ireland will receive at least as much funding could also perpetuate differences in funding for comparable regions , the IFS said .
In particular , Welsh regions could receive more than comparable regions in England .
In its 2019 manifesto , the Conservative Party reiterated its pledge to replace the EU ’ s Structural Funds with a UK Shared Prosperity Fund .
Read more : EU to maintain access to City of @ @ @ @ @ @ @ , an associate director at the IFS and an author of the report , said : “ With limited time left , one option the government could consider would be to continue with existing EU funding allocations for one more year .
This is similar to what it has done for council funding , where big reforms planned for next April have been pushed back until at least 2022.
” In the March 2020 budget , the government committed to setting out further plans at the next spending review .
However , this @ @ @ @ @ @ @ to the coronavirus crisis .
Get the news as it happens by following City A.M. on Twitter .

‘Limited time’ left for details of post-Brexit regional funding schemes, says IFS
The European regional development funding schemes will soon wind down but the government is yet to confirm details of its proposed replacement.
With less than six months until the UK leaves the EU, the Institute for Fiscal Studies (IFS) has called on the government to reveal its intentions for the Shared Prosperity Fund.
A new report by the think tank finds that Cornwall is likely to lose millions of pounds of funding when the transitional arrangements end. The region currently receives seven times as much per person per year (€144) as Lincolnshire (€20) and South Yorkshire (€18).
EU rules give funding to areas with economic output per person just below 75 per cent of the EU average than to areas just above the threshold. The IFS has concluded that a more “rational” scheme would see Cornwall lose out in the long term unless overall regional development funding is substantially increased.
Alex Davenport, a research economist at the IFS and an author of the report, said: ““New rules and funding formulas will ultimately be needed. And this will mean winners and losers, at least if we want to avoid the new system being an irrational fudge.”
A pledge that Scotland, Wales and Northern Ireland will receive at least as much funding could also perpetuate differences in funding for comparable regions, the IFS said. In particular, Welsh regions could receive more than comparable regions in England.
In its 2019 manifesto, the Conservative Party reiterated its pledge to replace the EU’s Structural Funds with a UK Shared Prosperity Fund.
David Phillips, an associate director at the IFS and an author of the report, said: “With limited time left, one option the government could consider would be to continue with existing EU funding allocations for one more year. This is similar to what it has done for council funding, where big reforms planned for next April have been pushed back until at least 2022.”
In the March 2020 budget, the government committed to setting out further plans at the next spending review. However, this will almost certainly be delayed further due to the coronavirus crisis.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-07-12--Decline in London’s business activity eases as economy reopens

There was a marked easing in the downturn in business activity across the capital last month , as the economy picked up and lockdown restrictions loosened .
Natwest ’ s London Business Activity Index – which monitors the combined output of London ’ s manufacturing and service sectors – rose from 30.3 in May to 46.2 in June .
Anything below 50 indicates a contraction .
New business fell at a softer , but still sharp , rate as the economy started to show signs of normality , while both the export climate index and business optimism improved .
The @ @ @ @ @ @ @ year ’ s time lifted after a modest May and downbeat outlook in the prior two months .
Firms giving a positive outlook largely pointed to an easing of lockdown measures and signs of stabilising demand from overseas .
However , some cautioned an increase in activity could be curbed by a second wave of infection .
However the employment stats made for gloomier reading as firms made additional job cuts on the back of a fall in activity and new business .
Notably , London saw one of the fastest drops in @ @ @ @ @ @ @ only by the North East .
Read more : EU to maintain access to City of London clearing houses after Brexit Natwest data shows private sector demand in the capital remained in contraction at the end of the second quarter , stretching the coronavirus-induced decline to four months .
Businesses continued to note falling input prices , again extending the current run of decline that began in April .
However the cost reduction was softer with businesses highlighting the furlough scheme , temporary salary cuts and lower transport costs as key reasons .

Decline in London’s business activity eases as economy reopens
There was a marked easing in the downturn in business activity across the capital last month, as the economy picked up and lockdown restrictions loosened.
Natwest’s London Business Activity Index – which monitors the combined output of London’s manufacturing and service sectors – rose from 30.3 in May to 46.2 in June. Anything below 50 indicates a contraction.
New business fell at a softer, but still sharp, rate as the economy started to show signs of normality, while both the export climate index and business optimism improved.
The level of optimism for activity in a year’s time lifted after a modest May and downbeat outlook in the prior two months. Firms giving a positive outlook largely pointed to an easing of lockdown measures and signs of stabilising demand from overseas. However, some cautioned an increase in activity could be curbed by a second wave of infection.
However the employment stats made for gloomier reading as firms made additional job cuts on the back of a fall in activity and new business.
Notably, London saw one of the fastest drops in payroll numbers across the country, outpaced only by the North East.
Natwest data shows private sector demand in the capital remained in contraction at the end of the second quarter, stretching the coronavirus-induced decline to four months.
Businesses continued to note falling input prices, again extending the current run of decline that began in April. However the cost reduction was softer with businesses highlighting the furlough scheme, temporary salary cuts and lower transport costs as key reasons.


cityam--2020-07-12--City Corporation asks residents and businesses to help with climate change work

The City ’ s governing body has today launched an online survey on climate change as part of plans to launch a Climate Action strategy later this year .
The City of London Corporation is developing a draft Climate Action strategy in a bid to reduce carbon emissions and be climate resilient in the future .
Read more : COP26 has been delayed , but the City ’ s charge against climate change continues The survey asks respondents about their views on what the body should do to counter the threat of future weather conditions .
It also asks residents @ @ @ @ @ @ @ be done to ensure buildings are more environmentally friendly .
The City Corporation ’ s Climate Action stratey is due to be published in October 2020 , which it says will be created “ based on a series of evidenced studies which will be completed by summer 2020.
” Policy chair Catherine McGuinness said : “ I urge all residents and businesses across the Square Mile to get involved in this important survey , which will inform our Climate Action strategy later this year.
” Read more : Coronavirus has reshaped urban mobility @ @ @ @ @ @ @ “ In the wake of COVID-19 , it is crucial that we build a greener , fairer and more resilient City , but doing this will require all of us to play our part.
” “ Radical action is needed if we are to make our own sites , and the Square Mile as a whole , more climate resilient .
Now is your chance to have your say on how we do this .
”

City Corporation asks residents and businesses to help with climate change work
The City’s governing body has today launched an online survey on climate change as part of plans to launch a Climate Action strategy later this year.
The City of London Corporation is developing a draft Climate Action strategy in a bid to reduce carbon emissions and be climate resilient in the future.
The survey asks respondents about their views on what the body should do to counter the threat of future weather conditions. It also asks residents and businesses what they would like to be done to ensure buildings are more environmentally friendly.
The City Corporation’s Climate Action stratey is due to be published in October 2020, which it says will be created “based on a series of evidenced studies which will be completed by summer 2020.”
Policy chair Catherine McGuinness said: “I urge all residents and businesses across the Square Mile to get involved in this important survey, which will inform our Climate Action strategy later this year.”
“In the wake of COVID-19, it is crucial that we build a greener, fairer and more resilient City, but doing this will require all of us to play our part.”
“Radical action is needed if we are to make our own sites, and the Square Mile as a whole, more climate resilient. Now is your chance to have your say on how we do this.”


cityam--2020-07-12--High street footfall suffers even as retail starts to reopen

The woes of the British high street continued as June footfall dropped to less than half the level of last year , even as stores started to reopen .
June saw an annual decline of 56.6 per cent in June , according to data from retail intelligence firm Springboard , but it was a marked improvement on the year-on-year decline in May , of 73.3 per cent .
Read more : Return of hospitality fails to drive retail footfall on opening weekend It was helped by the easing of lockdown restrictions in early June which led to a rise in @ @ @ @ @ @ @ cent from the previous week .
However consumers ’ pent up anticipation slowed in the subsequent two weeks , from up 6.6 per cent in the first week after reopening to +2.4 per cent in the second .
Diane Wehrle , Springboard Insights director said : “ Long queues coupled with a restricted shopping experience due to social distancing could be the contributing factors to this sudden drop off in footfall .
This is concerning for the economic recovery path of bricks and mortar retail who are heavily reliant on customer experience.
” @ @ @ @ @ @ @ between the three destination types , which Wehrle suggests could provide an early indication of the way forward for bricks and mortar retail .
Between 31 May and 4 July , footfall declined by -65.1 per cent on the high street , according to Springboard data .
It was down -62.3 per cent in shopping centres and 32.2 per cent in retail parks .
The resilience of retail parks has been “ due to the presence of food stores and also homeware stores that opened ahead of non-essential retail ” said Wehrle .
@ @ @ @ @ @ @ ‘ rental realism ’ as coronavirus impacts footfall “ The fact that retail parks are easily accessible by car , they are open air and comprise large spacious stores , makes them more appealing to consumers during the phases of easing lockdown restrictions , ” she added .
In London , footfall was 70.4 per cent lower on the high street , compared to just a 21.6 per cent drop in retail parks .
This was largely due to the impact of Central London “ which has seen the largest drop in footfall @ @ @ @ @ @ @ due to the loss of workers and tourists ” according to Wehrle .
Get the news as it happens by following City A.M. on Twitter .

High street footfall suffers even as retail starts to reopen
The woes of the British high street continued as June footfall dropped to less than half the level of last year, even as stores started to reopen.
June saw an annual decline of 56.6 per cent in June, according to data from retail intelligence firm Springboard, but it was a marked improvement on the year-on-year decline in May, of 73.3 per cent.
It was helped by the easing of lockdown restrictions in early June which led to a rise in footfall across the UK by 40 per cent from the previous week.
However consumers’ pent up anticipation slowed in the subsequent two weeks, from up 6.6 per cent in the first week after reopening to +2.4 per cent in the second.
Diane Wehrle, Springboard Insights director said: “Long queues coupled with a restricted shopping experience due to social distancing could be the contributing factors to this sudden drop off in footfall. This is concerning for the economic recovery path of bricks and mortar retail who are heavily reliant on customer experience.”
The retail data shows the fundamental differences between the three destination types, which Wehrle suggests could provide an early indication of the way forward for bricks and mortar retail.
Between 31 May and 4 July, footfall declined by -65.1 per cent on the high street, according to Springboard data. It was down -62.3 per cent in shopping centres and 32.2 per cent in retail parks.
The resilience of retail parks has been “due to the presence of food stores and also homeware stores that opened ahead of non-essential retail” said Wehrle.
“The fact that retail parks are easily accessible by car, they are open air and comprise large spacious stores, makes them more appealing to consumers during the phases of easing lockdown restrictions,” she added.
In London, footfall was 70.4 per cent lower on the high street, compared to just a 21.6 per cent drop in retail parks. This was largely due to the impact of Central London “which has seen the largest drop in footfall of any city centre in the UK due to the loss of workers and tourists” according to Wehrle.
Get the news as it happens by following City A.M. on Twitter.