Jun 15, 2020

Covid: Wickes owner Travis Perkins to cut 2,500 jobs

The UK's biggest builders' merchant, Travis Perkins, plans to cut about 2,500 jobs, or 9% of its workforce. It said closures would mainly be of smaller branches of its Travis Perkins General Merchant brand. Travis Perkins has been using that furlough scheme, but nevertheless said that the coronavirus crisis had "Created significant challenges across our group". Travis Perkins said that although it had overall liquidity of £763m, it had agreed a relaxation of banking covenants. Treasury figures last week showed that more than a quarter of UK workers are furloughed, with the government paying 80% of staff salaries.

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