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A care home operator which imposed its own cornavirus lockdown ahead of the national restrictions in the spring, has been explaining to Sky News why it has reimposed the measures.
The Berkley Care Group, a firm that markets itself as being at the more luxurious end of the industry, attracted national attention when it refused government pressure to take residents from hospital care, as the COVID-19 crisis gathered speed, on lack of testing grounds.

It closed its homes to outside visitors three weeks before the UK lockdown in March in order to protect residents and staff alike as coronavirus cases and death rates surged across large parts of the UK.

Care home operator explains lockdown decision

The grim statistics covering the path of the crisis suggest it was the right decision.
A report by MPs concluded care homes were “thrown to the wolves” before the pandemic’s peak.

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It described the Department of Health and Social Care (DHSC) decision to discharge 25,000 hospital patients into care homes without ensuring they’d been tested for the virus as an example of the government’s “slow, inconsistent and at times negligent” approach to social care.

Care homes were ‘thrown to the wolves’

A recent study found more than 400 people were dying in care homes on a daily basis during April.

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Berkley, which has seven homes containing 330 residents, said it would now only allow in staff and the families of residents on end of life care because it was concerned by rising infection rates in the outside community.
It said: “We locked down against CQC (Care Quality Commission) advice at the beginning of March and are so relieved we took that decision in hindsight.

Tests in care homes delayed until September

“We intend to move right now. If we are proven wrong, so be it, but we fear a second wave and intend to do everything possible to protect our extremely precious residents.”
Chief executive Andrew Winstanley told Ian King Live its restrictions were under constant review and would be adjusted based on evidence.
He said the tipping point for the lockdown had been the government’s decision to limit gatherings to a maximum of six in England from Monday.
“What we’re seeing in terms of infection rate trends, it’s only going one way… it’s a much easier call to make this time round”, he said.
Mr Winstanley said the benefit of experience and establishment of improved PPE supply chains and testing procedures meant the company was better placed to cope with any second wave.
“We’ve been preparing for this for the past few months. We’ve got safe visiting lodges in place now across all of the homes and that was fundamental to any lockdown decision we wanted to make.”

The supercar maker McLaren Group is accelerating plans to strengthen its balance sheet by selling its spectacular Surrey headquarters in a deal that could raise £200m.
Sky News has learnt that McLaren, owner of the eponymous Formula One (F1) team, has instructed the property agent Colliers to begin marketing a sale-and-leaseback of the McLaren Technology Centre in Woking.

A deal, which is expected to draw interest from international property investors, will form part of a broader strategy to shore up the company’s finances after months of disruption caused by the coronavirus pandemic.

Image: The McLaren 765LT is seen at its launch at the McLaren headquarters in Woking
McLaren has already raised hundreds of millions of pounds in equity from existing shareholders this year, as well as arranging a £150m loan from the National Bank of Bahrain.
City sources said the company had now appointed Goldman Sachs and HSBC to advise it on a further equity raise and debt refinancing that are expected to take place next year.

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McLaren is also plotting the sale of a minority stake in its racing division, which is likely to tempt offers from wealthy individuals in the wake of the Williams F1 team’s recent sale to US investor Dorilton Capital.

In a statement issued to Sky News, a McLaren spokesman said: “The potential sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt restructuring and equity raise are part of the comprehensive refinancing strategy that we announced earlier this year.

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“Building on the shorter-term measures that we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment.
“The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations.

Image: McLaren’s sprawling site is home to its technological development operations
“The McLaren Campus, comprising the McLaren Technology Centre, McLaren Production Centre and the McLaren Thought Leadership Centre, is an iconic, world-class facility that will remain our home in the future.”
News of the plan comes amid McLaren’s improved fortunes on the racetrack, with the team sitting in third place in the truncated 2020 constructors’ championship.
Last month, the company announced an operating loss for the first half of the year of £184m, with “significant uncertainty” causes by COVID-19 continuing to overshadow its prospects for the remainder of the year.
McLaren is among the most historic names in the F1 paddock, and during more than half a century of competing has won eight F1 constructors’ championships.
The team’s drivers have included the likes of Mika Hakkinen, Lewis Hamilton, Alain Prost and Ayrton Senna.
An annual budget cap will be introduced in F1 from next year, and sources have said that selling a minority stake could help enable McLaren to operate at the level of the budget cap on a sustainable basis.

Image: While Lewis Hamilton has continued his domination of the F1 Drivers’ Championship, McLaren are third in the Constructors’ table
McLaren’s on-track operations, which include its participation in the Indianapolis 500 race, account for roughly 20% of the group’s annual revenues.
The team’s drivers this year are Lando Norris and Carlos Sainz Jr.
Earlier this year, McLaren cut 1,200 jobs across its operations as part of a restructuring plan affecting more than a quarter of its workforce.
McLaren is owned by investors led by Mumtalakat, Bahrain’s sovereign wealth fund, which injected £300m of equity into the company as recently as March.
Its search for new funding was accelerated in the wake of a request for a £150m loan from the government being rejected.
McLaren is a major British exporter, supporting thousands of jobs across the UK supply chain.
The sale and leaseback of its HQ will come after McLaren parachuted in Paul Walsh, the heavyweight former boss of Diageo, as executive chairman – a move that stoked speculation that McLaren’s shareholders ultimately wanted to take the company public.

Image: McLaren’s F1 team has proved competitive versus the wider field during the COVID-hit 2020 season
McLaren’s road-car division, which was previously a semi-independent company called McLaren Automotive, makes some of the world’s most expensive cars, with models including the Senna – named after its legendary former F1 driver, Ayrton Senna.
The unit, which is run by Mike Flewitt, represents the majority of the group’s sales.
The British company saw its separate divisions reunited following the departure in 2017 of Ron Dennis, the veteran McLaren boss who had steered its F1 team through the most successful period in its history.
He became one of Britain’s best-known businessmen, expanding McLaren’s technology ventures into a wide range of other industries through lucrative commercial partnerships.
Mr Dennis offloaded his stake in a £275m deal following a bitter dispute with fellow shareholders.
He had presented to McLaren’s board a £1.65bn takeover bid from a consortium of Chinese investors, but did not attract support for it from boardroom colleagues.

The owner of British Airways (BA) has joined rivals by announcing significant cuts to flight schedules, blaming a “levelling off” in passenger demand.
International Airlines Group (IAG), which counts Aer Lingus and Iberia among its brands, also confirmed progress in BA’s union negotiations over changes to pay and conditions for cabin crew as the airline cuts thousands of jobs to save costs.

It said the UK airline had reached an agreement in principle with Unite, but revealed up to 13,000 people were on course to leave BA in total – with 8,236 having already departed “mostly as a result of voluntary redundancy”.

Where jobs are being lost in UK economy
Where jobs are being lost in UK economy

Analysis by Sky News has aviation, as a sector, currently worst affected in the crisis for jobs – with BA’s plans affecting the most people in a single company.
IAG said coronavirus travel restrictions and quarantine requirements had taken a toll on group bookings – dashing hopes of a steady recovery from the depths of the COVID-19 crisis.

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The company previously stated that it hoped to operate 54% of its normal services between October and December.

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But it revealed on Thursday that the figure was now tipped to be closer to 40% following an “overall levelling off of bookings” since July, when it restarted the majority of its services following a leap in lockdown-ending sales.
IAG said demand for short-haul travel had “fallen slightly” following the UK and other European countries reimposing quarantine requirements for travellers returning from specific countries.

Image: BA scrapped its 747 jumbo fleet at the height of the crisis as part of its efforts to limit costs
The company’s decision to scrap flights mirrors recent announcements by easyJet and Ryanair, which have experienced similar falls in future booking volumes because of the uncertainty.
The sector has called for air passenger duty to be slashed and airport testing regimes to limit quarantine durations to help bolster confidence in flying.

Image: IAG shares are down almost 70% this year
IAG gave its progress report in an update for investors on its capital-raising plans – first revealed in July – aimed at shoring up its balance sheet during the current turbulence.
It said it was aiming to secure €2.7bn (£2.5bn) through the sale of new shares at a discounted rate.
IAG’s market value has taken a hit of almost 70% in the year to date.

Morrisons has reported a £155m hit to profits from costs related to the coronavirus crisis.
The UK’s fourth-largest supermarket chain said – like rivals – it had seen a surge in sales during the first half of its financial year in the run-up to – and during – the COVID-19 lockdown that began in March, which saw all non-essential retail shuttered.

It revealed an 8.7% increase in like-for-like sales, when fuel sales were excluded, in the six months to 2 August compared to the same period last year.

Where jobs are being lost in UK economy
Where jobs are being lost in UK economy

But it said total revenues were down 1.1% to £8.73bn, reflecting the loss of fuel sales during the period as roads remained largely empty.
Morrisons reported profit before tax and exceptional items of £148m – down 25.3%.

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It blamed the coronavirus costs bill but said the net hit came in at £62m because of business rates relief of £93m.

The chain took on an additional 45,000 staff to cope with demand as the crisis gathered pace – with in-store customers stripping aisles of essentials such as toilet roll ahead of the lockdown itself.

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It reported that online and home delivery order capacity rose five-fold to help meet demand, with five new growth channels – Morrisons.com store pick, food boxes, doorstep, Morrisons on Amazon and Deliveroo – now operating.

Image: David Potts, the chain’s CEO, said Morrisons had ‘stepped up to feed the nation’
Its results statement said: “The mix of the very strong first-half sales growth was weighted towards online channels and lower margin categories. In addition, fuel sales growth was very negative, our cafes were temporarily closed, and we invested in supporting our colleagues, NHS workers and farmers with extra discounts.”
Morrisons said it was to reward staff with a guaranteed annual bonus of 6%.
It raised its interim dividend by 5.7% and forecast continued sales momentum in the second half of the year, part-aided by fuel sales starting to build.
Listed supermarket chains have largely been spared the bloodbath for share values witnessed by many during the COVID crisis.
Morrisons – down almost 3% in the year to date – saw its stock fall by 4% in early trading on Thursday.
Arlene Ewing, investment manager at Brewin Dolphin, said of the company’s update: “Morrisons’ results are indicative of the wider challenge facing supermarkets – while many expected them to thrive in the current environment, buoyed by business rates relief among other things, that hasn’t quite turned out to be the case.”
She added: “There are, nevertheless, positives to be taken in the form of expectations that COVID-19 costs will fall significantly in the second half, an increase to the dividend, and a relatively bullish outlook from management in this latest update.”
Chief executive David Potts said of the performance: “From the start of the pandemic we stepped up and put the company’s assets at the disposal of the country to help feed the nation.
“Morrisons is at the heart of local communities and responded quickly when it mattered most, and we are very grateful for the British public’s appreciation of all the vital work our colleagues are doing.
“I believe we are seeing the renaissance of British supermarkets.”

The government is coming under greater pressure to release billions of pounds in new support for businesses in the wake of its targeted aid for those hit by local lockdowns.
Chief Secretary to the Treasury Stephen Barclay confirmed on Tuesday afternoon that “lifeline” cash grants of up to £1,500 were to be made available to firms ordered to close in England amid renewed efforts to halt the spread of coronavirus.

While the latest aid package was welcomed, the British Chambers of Commerce declared that it “will not be enough” for most businesses amid continuing disruption to trade since the hibernation of the economy began in March.

Where jobs are being lost in UK economy
Where jobs are being lost in UK economy

Ambition for ‘millions’ of tests per day

The CBI said it was clear that “more targeted support” would be needed this autumn as the government’s furlough scheme ends and the nation faces up to warnings of a jobs crisis.
The Bank of England has forecast that three million could be unemployed by the end of the year with the UK’s jobless rate hitting 7.5%.

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Mr Barclay used his remarks to MPs to say the lifeline grants were an important “next step” in the government’s plan to protect jobs and businesses.

“Closed businesses with a rateable value of £51,000 or less will receive a cash grant of £1,000 for each three-week period they are closed.

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“For closed businesses with a rateable value higher than £51,000, the grants will be £1,500.

‘Is Christmas cancelled, prime minister?’

“The grants will cover each additional three-week period, so if a small business is closed for six weeks, it will receive £2,000.”
Labour has argued that the conclusion of the UK’s Job Retention Scheme next month risks sparking a tidal wave of job losses as businesses are yet to recover from the effects of the lockdown.
Introducing an Opposition debate on the jobs crisis, shadow Chancellor Anneliese Dodds called on ministers to change course.

‘Government lurching from crisis to crisis’

She told MPs: “We believe government needs to be sitting down, talking to exactly those stakeholders that it trumpets so much it worked with when it created the furlough scheme, so that it can provide that system of support that is necessary to protect jobs, to protect our economic capacity.
“And as I have said time and time again, we do not believe that a continuation of the furlough scheme precisely as it stands now is what is required, we need a targeted wage support scheme which, as I will go on to mention, is exactly theapproach being taken by huge numbers of other countries but which this government is turning its face against.”
National chairman of the Federation of Small Businesses, Mike Cherry, welcomed the prospect of lifeline grants.
He said: “Though a lot of firms have now been able to reopen, thousands are still impacted by local lockdowns and sector-based restrictions.
“That’s why this intervention is so critical – throwing a much needed additional financial lifeline to those most harmed.
“We look forward to working with government to make sure there is a straightforward claims process for all firms affected.”

Leading investors in Pearson, the FTSE-100 educational publisher, are planning to vote against a $9m (£7.4m) pay award for its new chief executive amid fury that the company has forced them into an “all-or-nothing decision” over his appointment.
Sky News has learnt that Institutional Shareholder Services (ISS), an influential voting adviser, has recommended that Pearson shareholders vote against changes to its pay policy that would hand Andy Bird the lavish sum.

City sources said on Wednesday that several institutions were minded to oppose the plans even though Pearson has told them that Mr Bird’s appointment is conditional on the pay award being approved.
The Times reported on Monday that Glass Lewis, another adviser, had come out against Pearson’s proposals, and insiders said that with ISS now also opposing the company, Mr Bird’s appointment could yet fall through.
The newspaper also said that Mr Bird, who joined the board as a non-executive director earlier this year, had himself interviewed several candidates for the chief executive’s job before throwing his hat into the ring.

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A number of shareholders complain that they are being “held to ransom” by Pearson, which used to own the Financial Times, after years of disappointing performance.

The group was recently embarrassed by its failure to produce BTec exam results on schedule, causing uncertainty for hundreds of thousands of British students.

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Under its plans, Mr Bird, a former Walt Disney executive, would receive a base salary of £984,000, a potential annual bonus worth twice that sum, participation in Pearson’s long-term incentive plan valued at 300% of his salary and “a one-off co-investment opportunity” worth £7.4m.
He would also receive a substantial pension contribution and a £189,000 allowance for an apartment in New York.
The vote at next week’s shareholder meeting is binding, meaning that if the remuneration policy changes are voted down, Mr Bird would have no choice but to compromise on pay if he wanted the job.
In a report to clients, ISS said the proposed co-investment award was “significant in value”, adding that Pearson had not “provided a compelling rationale for [it].
“There are also concerns about the rigour of the performance underpins for the vesting of the awards,” ISS said.
“The employment of Andy Bird as CEO is presented as subject to the approval of this resolution, presenting shareholders with an all-or-nothing decision which is itself considered poor practice.”
Sidney Taurel, chairman of Pearson, said: “In Andy Bird, the board has identified an outstanding candidate for the role of the next chief executive of Pearson.
“There is huge demand for both global and digital talent, and Andy has both.
“The co-investment is designed to recognise this rare combination, provide alignment with other shareholders and deliver the competitive package required to secure a candidate of his calibre.
“Andy is well-placed to build on the solid foundations that have been built and to lead Pearson into the next phase of long-term sustainable growth.”

The retail billionaire who has become one of the industry’s biggest employers by taking over a swathe of British fashion brands is exploring a sale of the Jaeger and Austin Reed labels after being approached by prospective buyers.
Sky News has learnt that Philip Day, whose Edinburgh Woollen Mill Group (EWM) ranks among Britain’s biggest private companies, has drafted in advisers to field enquiries about some of its best-known assets.

Sources said on Wednesday that EWM had received expressions of interest in at least three of its brands, including Jacques Vert, from a number of “international investors”, including at least one in China.

Aviation and retail suffer worst jobs hit
Aviation and retail suffer worst jobs hit

They said that Mr Day had sanctioned the appointment of FRP Advisory to field those enquiries but emphasised that he was not actively looking to sell any or all of the three labels.
One insider said the approaches were from “strategic parties who recognise the appeal of these heritage brands in China”.

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A decision to sell the labels would involve a significant detour from Mr Day’s long-established strategy of buying fashion names which have fallen out of favour under their existing owners, and utilised new design and buying muscle in an attempt to revive them.

In the case of Jaeger, which was once owned by the fashion veteran Harold Tillman, the latest published figures show that EWM had halved the brand’s losses but not yet managed to return it to profitability.

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Changing face of retail under coronavirus

People close to the situation insisted there was no suggestion that Mr Day was examining a sale of a stake in the wider EWM Group, or pursuing a formal restructuring of the business that would involve store closures or job losses.
In March, the company said it was making approximately 100 staff redundant, a figure which represents a much smaller proportion of its 25,000-strong workforce than comparable cuts made by the likes of Arcadia Group, which owns TopShop, and Marks & Spencer, which has announced plans to cut almost 8000 jobs in the last two months.
Numerous retailers have collapsed during the COVID-19 pandemic, including Oasis and Warehouse Group, which were recently bought out of administration by Boohoo, the online fashion retailer.
Cath Kidston and Laura Ashley are among the other big names which have succumbed to the disastrous impact of the coronavirus outbreak on high street footfall.

Image: Austin Reed is among Philip Day’s retail brands
During nearly 20 years at the helm of EWM, he has bought large chunks of the UK’s fashion industry, including Peacocks, Jane Norman and home furnishings businesses such as Ponden Mill and Rosebys.
Mr Day’s most recent deal involved buying Bonmarche, the fashion brand, out of an administration process that was contentious because he had also been the company’s previous owner.
He also acquired Jaeger and Austin Reed, as well as the latter’s sister brand Country Casuals, through insolvency processes.
In total, he now controls more than 1000 stores across Britain.
The tycoon’s aggressive pursuit of acquisitions has been mirrored by that of Mike Ashley, the Frasers Group chief executive whose Sports Direct empire provided a foundation for buying chains including Evans Cycles, House of Fraser and Jack Wills, as well as a stake in French Connection.
Based in Switzerland and Dubai, Mr Day is a reclusive figure, rarely giving media interviews and saying little publicly about the strategy or finances of his business.
This year, The Sunday Times Rich List estimated his personal wealth at more than £1.1bn, down marginally on 2019.
Mr Day reportedly turned down a university place to start his career in clothing manufacturing, and then took control of EWM in 2001 through a management buy-in.
An EWM spokesman declined to comment.

Ministers are planning to override parts of the Brexit deal with a bill that could be “inconsistent” with it.
The controversial Internal Market Bill was published after the government admitted yesterday it wanted to potentially “break international law”.

It is intended to distribute powers being brought back from Brussels to Westminster and the devolved administrations in Scotland, Wales and Northern Ireland.

Minister admits new bill will break law

But key components may contradict the Withdrawal Agreement passed by parliament last year, by letting ministers hand themselves the power to determine rules on state aid and goods travelling between Northern Ireland and Great Britain.
The draft legislation says: “Certain provisions to have effect notwithstanding inconsistency or incompatibility with international or other domestic law.”

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It adds any parts of the Brexit deal which contradict it “cease to be recognised and available in domestic law”.

And it contains an extraordinary list of precedents the new law would override, including “any other legislation, convention or rule of international or domestic law whatsoever, including any order, judgement or decision of the Europe Court or of any other court or tribunal”.

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Details were reported earlier this week in the Financial Times, drawing sharp criticism from Tory MPs led by former prime minister Theresa May, who asked how other countries would be sure the UK “can be trusted to abide by the legal obligations of the agreements it signs”.
Soon after the plan was finalised, EU Council President Ursulla Von-der Leyen condemned it in stern terms.

Image: The bill sets out how powers will return from Brussels to the UK
“Very concerned about announcements from the British government on its intentions to breach the withdrawal agreement,” she tweeted.
“This would break international law and undermines trust. Pacta sunt servanda = the foundation of prosperous future relations.”
Charles Michel, president of the EU Council, added: “Breaking international law is not acceptable and does not create the confidence we need to build our future relationship.”
Similar angry reactions also emerged back home, with Welsh First Minister Mark Drakeford calling it a “grim day for those that believe in the UK”, given the bill “favours those” who want to see it “broken up”.
And former attorney general Dominic Grieve, who was booted out of the Conservatives for opposing a no-deal Brexit, told Sky News: “It will have very serious representational consequences. I could almost weep over it.”
A senior Welsh Conservative, shadow counsel general David Melding, also quit his role on the frontbench saying he was “gravely aggregated” by the fresh “dangers facing our 313-year-old union”.

Image: Ursula von der Leyen said the move ‘undermines trust’
It comes as trade deal talks enter a crucial week, with Brussels’ chief Brexit negotiator Michel Barnier arriving in London aware both sides’ deadline of mid-October is looming.
The UK left the EU on 31 January, but is now in a “transition period” meaning it continues to follow the same rules until the end of the year.
At the start of 2021, either a trade deal will come into effect or there will be no-deal, meaning the two sides will revert to trading on World Trade Organisation terms.

Asked to name the best-performing stock on the FTSE All-Share index during the last decade, most people might probably guess at a software company perhaps, or a high-flyer from the healthcare sector.
They probably wouldn’t, though, opt for a company that started life in 1885 as a manufacturer of pneumatic tyres, conveyor belts and tubes for milking machines.

That company is Avon Rubber and, over the last 10 years, its share price has risen by an incredible 3,146%.
The shares rose by another 6% on Wednesday as investors responded enthusiastically to the $130m acquisition of Team Wendy, a supplier to the US and Australian military based in Cleveland, Ohio.

Image: A current major interest, milking solutions, is about to be offloaded. Pic: AR

Aviation and retail suffer worst jobs hit

The all-cash deal reflects the direction in which the company has been moving in recent years.

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Avon – the name comes from Bradford-on-Avon, the Wiltshire town whose Sirdar Rubber Works was bought by the company back in 1915 – has been gradually evolving from its heritage rubber products into a hi-tech supplier of military and security equipment.

That process is due to be completed with the forthcoming £180m sale, first announced in July, of Milkrite Interpuls, a leading supplier of milking equipment to dairy farmers, to Swedish rival DeLaval Holdings.

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It will leave Avon as a focused military and security supplier.
This part of the business has its origins in the manufacturing of gas masks. The company, which floated on the London Stock Exchange in 1949, supplied 20 million gas masks during the Second World War.
In the post-war period, however, gas masks were a relatively uncelebrated part of the business as the company focused instead on supplying the automotive industry. Investors began to show interest in the division, though, following Saddam Hussein’s invasion of Kuwait in 1990.
The subsequent Allied liberation of the Gulf state saw service personnel exposed to the risk of attack by chemical and biological weapons and, during the conflict, Avon supplied more than one million gas masks to Britain’s forces.

Image: Avon supplied 20 million gas masks during World War Two when German bombers pounded cities including London
It also supplied lightweight survival suits, rubber boots and gloves to services personnel and, from that point, security and protective equipment became an increasingly important part of the business. Avon Tyres was sold to US rival Cooper Industries in 1997 and accordingly, during the early 2000s, Avon evolved from being a major car parts supplier with a small gas mask business to becoming a large gas mask supplier with a small car parts business. The final car parts operations were offloaded in 2006.
Central to the company’s success in recent years has been a willingness to invest in research and development and also to extend its product lines. As well as supplying gas masks and respirators to the armed services, it has gradually moved into supplying law enforcement agencies around the world and, from there, into fire protection. Its product line-up also now includes body armour for ballistic protection, underwater breathing protection, escape hoods, decompression data monitors, helmets and thermal imaging cameras.

Today’s acquisition is complementary to that portfolio.
Paul McDonald, Avon Rubber’s chief executive, said: “The acquisition of Team Wendy is another important strategic step in the transformation of Avon Rubber into a leading provider of life critical personal protection systems.
“Team Wendy is a high-quality business with complementary liner and retention system technologies and established positions in rest of world military and first responder helmet markets.
“Bringing Team Wendy into the same family with our existing Helmets & Armor business establishes Avon Protection as a global leader in military and first responder helmets, with an enhanced and broader product portfolio with stronger capabilities and routes to market.”

Image: Paul McDonald has been CEO of Avon Rubber since 2017. Pic: AR
Team Wendy has had an interesting evolution of its own. It was founded by Cleveland-based entrepreneur Dan Moore in 1997 after his daughter, Wendy, died from brain injuries following a skiing accident.
It began as a manufacturer of ski helmets but over time evolved into a supplier to military, law enforcement and rescue agencies – as well as people on adventure holidays. Its anti-ballistic helmet liners have been used by the US Army and Marine Corps for more than a decade and its safety helmets and night vision equipment used by military, law enforcement and search and rescue agencies in more than 50 countries around the world.
The circumstances in which the company was founded were not forgotten today.
Mr Moore, who remains chairman and the principal shareholder of Team Wendy, said: “Team Wendy was founded to honour the legacy of my late daughter and improve head protection systems to prevent other families from experiencing a similar loss.
“My family has always agreed that we would only ever sell Team Wendy if it was to the right partner.
“In meeting with the Avon Rubber leadership team and understanding their vision, it was clear to me that they would honour her legacy and help to drive continued and sustainable growth and innovation.”

Huawei: The company and the security risks explained

The takeover means Avon is even more focused on the United States, where 500 of its 840 employees are based and which currently accounts for 70% of sales. Avon announced today that, from now on, it will reporting its financial results in US dollars.
Not that the market appears to view that as problematic.
Annabel Hewson, aerospace and defence analyst at the stockbroker Stifel, told clients: “Avon has partly answered the ‘what’s next?’ question on the mergers and acquisitions front following the decision to exit Milkrite InterPuls. The Team Wendy business is both complementary and builds global reach.
“Moving to US dollar reporting also seems sensible, given the future bias of the business. Recent order news flow has been encouraging, and we welcome the statement that continuing operations are trading in line with expectations.
“Overall, interleaving acquisitions and disposals is no mean feat, and we admire Avon’s strategy here.”
Some long-term followers will mourn the loss of the milking equipment business – a leader in its field and a reminder of where this company has come from.
But investors these days reward focus above all else and especially when it is in a high-tech business.
Avon Rubber is certainly one of those. The hope for UK shareholders must be that, over time, it does not decide – with most of its revenue coming from the US – that it would be logical to list in New York rather than London.

Pizza Hut is to become the latest major UK restaurant chain to test landlords’ appetite for transforming the basis on which it pays rent when it unveils a comprehensive financial restructuring this week.
Sky News has learnt that Pizza Hut Restaurants, which employs more than 5,000 people in Britain, is to propose switching to a turnover rent model, which would see it paying landlords based on revenue levels in each of its 245 outlets.

The proposal would be implemented through a company voluntary arrangement, making Pizza Hut Restaurants the latest in a string of big hospitality names to turn to insolvency mechanisms to reorient their business during the coronavirus pandemic.
Live coverage of the latest coronavirus news and updates

Aviation and retail suffer worst jobs hit
Aviation and retail suffer worst jobs hit

Insiders said the CVA, which is being supervised by the restructuring firm Alvarez & Marsal (A&M), could be launched as soon as Wednesday evening.

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Pizza Hut Restaurants is the main franchisee of the Pizza Hut brand in the UK, and is a separate company to the Pizza Hut UK business, which is focused on food delivery from a further 380 sites.

In a statement, a Pizza Hut Restaurants spokesperson said: “Pizza Hut Restaurants, the UK dine-in franchise business of the global Pizza Hut brand, can confirm it is planning a Company Voluntary Agreement (CVA) in order to mitigate the financial impact of COVID-19.

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“We are in the final negotiation stages with our creditors and expect an agreement to come to a close in the following days. However, we cannot comment further on the terms of the CVA until it is underway.”
The vast majority of the brand’s UK restaurants have now reopened, seeing a major boost from the government’s Eat Out to Help Out promotion, the taxpayer subsidy for which ended last month.
News of the Pizza Hut Restaurants CVA comes just days after rival PizzaExpress secured creditor approval for a restructuring that will trigger 73 restaurant closures and 1,100 job losses.

Image: Pizza Express is closing dozens of sites
So many casual dining chains have turned to insolvency mechanisms to expedite cheaper rent deals with landlords that those which have not now face a significant financial disadvantage.
However, the attempt to transition to a turnover rent model may not be straightforward.
New Look, the fashion chain, is facing a backlash from some landlords over its efforts to implement such a regime, although that disquiet has been fuelled by the fact that the company has already undertaken a CVA in the last couple of years.

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It was unclear on Wednesday whether any restaurant closures and redundancies would be part of the Pizza Hut Restaurants CVA, or what the implications would be if creditors decline to support it.
Numerous other restaurant operators have turned to administration or CVAs since the advent of the COVID-19 crisis.
The Café Rouge owner Casual Dining Group, Bella Italia’s parent, Azzurri Group, and Carluccio’s have all fallen into administration – with parts of their businesses subsequently rescued by new investors.
Prezzo, Itsu and Wahaca are among those which have called in advisers to examine their financial positions or plan CVAs, while A&M itself has been hired to help Pret a Manger with rent negotiations across its estate.
Pizza Hut Restaurants’ fortunes had improved prior to the coronavirus outbreak, following a long period of under-performance.
The company’s chief executive, Jens Hofma, orchestrated a management buyout in 2018, with backing from Pricoa Capital, a financial investor.
The business trades in the UK under franchise from its US-based owner, Yum Brands.
Despite the success of Eat Out to Help Out, there remain grave concerns about the long-term survival of many chains given the impact of COVID-19 on consumer confidence and continued implementation of social distancing measures.
Wednesday’s announcement by Boris Johnson of new curbs on social gatherings of more than six people are likely to have a significant impact on trade, particularly if they continue through the traditionally busy period before Christmas.