Dyson move to Singapore, Brexit panic, Santander, Patisserie Valerie: your commercial news round-up
updated on 24 January 2019
Brexit has been causing all sorts of bother this week, with several high-profile companies’ announcements revealing just how worried they are about the future of business in the UK. No-one knows exactly what might happen after Britain leaves the EU, but it’s certainly a good idea to keep your finger on the pulse of how the business world is reacting, and what concerns firms might have about how Brexit will affect their business. These companies could be your future clients! See the below articles for a summary of this week’s news:
- In a move that has outraged Brexit remainers, Dyson has announced that it’s moving its headquarters from Malmesbury in Wiltshire to Singapore. Sir James Dyson was a keen advocate for Brexit, but argues that the move has nothing to do with the UK leaving the EU, and is to do with “future-proofing” the business which should now be considered a global technology company. In reality, there will be few changes within the business, with two senior executives being transferred to the Singapore office where the company will now be officially registered. Dyson’s chief executive Jim Rowan has said there will be no impact on the company’s 4,000 workers in Britain.
- Several high-profile companies have made moves this week which showcase the scale of Brexit panic as the March deadline looms. P&O announced that it will be re-registering its entire cross-Channel fleet of ferries under the Cypriot flag, while Sony revealed it is moving its European headquarters from London to Amsterdam. Meanwhile carmaker Bentley and retailers Dixon Carphone and Pets at Home have all confirmed they are stockpiling supplies in case of chaos after Brexit.
- Some 140 branches of Santander are to close, putting 1,270 jobs at risk. The bank says that “changes in how customers are choosing to carry out their banking” have caused the closures, with branch transactions falling 23% in the last three years. The bank plans to spend £55 million refurbishing 100 branches of the remaining 614 to encompass its new branch vision.
- It’s been a long saga so far, but in the news this week was that Patisserie Valerie was finally forced into administration after failing to reach a rescue deal with its banks. It has also named the 71 shops that will close following the café chain’s collapse. Some 902 jobs will be lost, but administrators KPMG say that it will be “business as usual” at the remaining 122 outlets.
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