BRITISH Airways, Greggs, and Rolls-Royce are among the many companies which have accepted billions price of assist throughout the coronavirus disaster.
A brand new report revealed by the Financial institution of England in the present day reveals for the primary time the UK companies which have used its “COVID-19 Company Financing Facility”.
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British Airways is among the many excessive profile names to have taken-up emergency coronavirus loansCredit score: Alamy Reside Information
The scheme sees lenders present funding to massive companies that make a major contribution to the UK economic system in alternate for firm debt.
It ought to allow struggling companies to pay wages and suppliers, even whereas experiencing extreme cashflow disruption, though the concept is these companies weren’t in hassle earlier than the disaster.
In complete, loans price a mixed £15.6billion have been dished out to 53 UK firms.
Each British Airways and Rolls-Royce, for instance, have every taken out loans of £300million below the scheme, whereas Greggs has taken out £150million.
And that is on prime of some other monetary assist companies could also be eligible for, reminiscent of furloughed money to pay workers 80 per cent of wages as much as £2,500 a month for employees who’re unable to work throughout the disaster.
Which different companies have taken out loans?
HERE’S the total record of firms which have taken loans below the COVID-19 Company Financing Facility (CCFF):
- ABB Finance – 400m
- Akzo Nobel – 30m
- Alliance Automative – 20mn
- Amcor UK Finance- £360m
- Asos – £100m
- Baker Hughes – £600m
- BASF – £1,000m
- Bayer – £600m
- Bourne Leisure – £300m
- Brake Bros – £400m
- British Airways – £300m
- Burberry – £300m
- Carnival – £25m
- Chanel – £600m
- Chemring Group – £50m
- CNH Industrial – £600m
- Compass Group – £600m
- easyJet – £600m
- First Group – £300m
- Fuller Smith & Turner – £100m
- G4S – £150m
- Greggs – £150m
- Honda – £75m
- Inchcape – £100m
- Intercontinental Motels Group – £600m
- JCB – £600m
- John Lewis – £300m
- Johnson Controls – £370mn
- Lendlease Europe – £300m
- London and Quadrant Housing Belief – £300m
- M&S – £260m
- Meggitt – £60m
- Mitsubushi – £300m
- Nationwide Categorical – £300m
- Nissan – £600m
- OPTIVO – £150m
- PACCAR – £170m
- Polypipe Group – £100m
- Rentokil – £600m
- Rolls-Royce – £300m
- Ryanair – £600mn
- Schlumberger – £150m
- SSP Financing – £50m
- Stagecoach – £300m
- Telefonica – £200m
- The Nationwide Belief – £30m
- The Vitec Group – £30m
- Tottenham Hotspur Stadium – £175m
- Toyota – £365m
- Vesuvius – £200m
- Westfield – £600m
- Wizz Air – £300m
- Younger and Co’s Brewery – £30m
Most of British Airways’ 42,000 workers are at present being paid by the furlough scheme however the airline is urgent forward with plans to axe 12,000 jobs in addition to slashing wages by 55 per cent for some.
The airline trade as an entire is experiencing a turbulent time of late with the overwhelming majority of planes grounded on account of a UK ban on all however important abroad journey.
Greggs, in the meantime, has been hit by lockdown measures which imply meals retailers can solely function a takeaway service.
The chain briefly closed all of its 2,050 stores on March 24 as lockdown restrictions got here into drive, though it now plans to reopen 800 UK stores from mid-June following a small trial in Newcastle.
It too has needed to furlough a few of its 25,000-strong workforce.
Rolls-Royce has also struggled on account of a brief halt in manufacturing, which has seen it announce 9,000 international job cuts.
BASF has taken out the most important mortgage below the scheme of £1billion, whereas Carnival cruise firm has taken out the smallest as £25million.