Youngs boss reveals pub chain has now been forced to slash 1000 jobs


Youngs boss reveals pub chain has now been forced to slash 1000 jobs as second lockdown bites

Young’s boss has blasted the ‘absolutely brutal’ impact of the second national lockdown, revealing it has now been forced to slash one fifth of its 5,000 staff.

Patrick Dardis saw his pub chain swing into to a £21.8million half-year loss yesterday, compared to a £24.3million profit a year ago, after suffering under lockdown and curfew restrictions.

Young’s said its revenues tumbled by 67.2 per cent to just £55.1million during the 26 weeks to September 28, although it also received government grants worth £24.7million including from the furlough and ‘eat out to help out’ schemes.

Stale beer: Pub chain Young's swung into to a £21.8m half-year loss yesterday, compared to a £24.3m profit a year ago, after being hammered by lockdown and curfew restrictions

Stale beer: Pub chain Young’s swung into to a £21.8m half-year loss yesterday, compared to a £24.3m profit a year ago, after being hammered by lockdown and curfew restrictions

But with the firm expected to burn through £4million to £5million during the current England-wide lockdown, it has had to slash costs to stay afloat – making 1,000 staff redundant.

Chief executive Dardis said: ‘It’s been, without doubt, a horrible year.

‘The second lockdown has been absolutely brutal and unbalanced.

‘We are pressing the Government to confirm that on December 3 all restaurants and pubs will open unequivocally, it will ditch the unnecessary and unscientific 10pm curfew, and that all venues will come out in at least a tier below before the lockdown – otherwise, what was the point?’

READ  FTSE LIVE: Shares in the green as G20 kicks off in Japan



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here