BMW has announced plans to invest more than £600 million to upgrade its Mini factory in Oxford, boosting Britain's car industry and demonstrating the country's status as a leading location for the production of electric vehicles. The upgrade will allow the Cowley plant in Oxford to manufacture electric versions of the Mini Cooper and Mini Aceman SUV starting in 2026. The decision by BMW to invest in the UK is seen as a significant vote of confidence in the country's automotive sector, particularly after earlier considerations of shifting electric car production to China.
UK government support secures thousands of jobs
The UK government's approval of £75 million in support played a key role in BMW's decision to invest in the UK. This investment is expected to secure thousands of jobs not just at the Oxford plant, but also at support sites in Coventry and Swindon. The move will have a positive impact on the country's car production industry, which has faced challenges such as supply chain struggles, chip shortages, and the collapse of battery plant Britishvolt.
Boost to UK car production
Last year, the production of Minis in the UK reached 159,795 vehicles, making it the highest produced car in the country, according to the Society of Motor Manufacturers and Traders. This investment by BMW is expected to improve productivity, create jobs, and contribute to the growth of the automotive industry in the UK.
TRG sells loss-making restaurant chains for £1 and £7.5 million dowry
The Restaurant Group (TRG) has agreed to sell its struggling restaurant chains Frankie & Benny's and Chiquito to Big Table Group, the owner of Cafe Rouge, Bella Italia, and Las Iguanas. In an unconventional deal, TRG will sell the chains for just £1 and provide a £7.5 million cash dowry to facilitate the sale. This move comes as TRG faces pressure from activist investors to divest its underperforming businesses and concentrate on its successful brands like Wagamama and its pubs.
The sale of the loss-making chains is expected to improve TRG's earnings margins and reduce its debt. By cutting 75 sites, the company will also save £50 million in lease costs. The transaction will see 75 restaurants being transferred to Big Table Group before the end of the year, with TRG continuing to provide some services until then.
Vistry to focus on affordable housing amid property market challenges
Amid rising mortgage rates and reduced demand in the property market, housebuilder Vistry has announced plans to shift its focus to the construction of affordable housing. The company will merge its housebuilding and partnership arms and collaborate with councils and housing associations. This strategic move has been well-received by investors, with Vistry stating that it could return £1 billion to shareholders. Half of the company's sites will be sold to local authorities, who will then oversee the building process.
Vistry's decision to prioritize affordable housing comes in response to the ongoing shortage of such properties across the country. The private home sales market has slumped and builders have stopped acquiring land due to diminishing demand.
Ocado partners with Uber for grocery deliveries
Online supermarket Ocado has started utilizing Uber drivers to deliver groceries to customers, in a move to enhance its delivery capabilities. This partnership has been implemented for a quarter of orders on Ocado's rapid delivery service, called Zoom. The use of Uber drivers for deliveries has surprised some customers, as they arrive in unbranded cars without any Ocado branding. However, an Ocado representative confirmed that they are using approved third-party couriers during busy periods.
This collaboration between Ocado and Uber is the latest evolution in the online food delivery industry, which has experienced significant changes recently, including bankruptcies and mergers. Deliveroo, for example, recently announced its partnership with GoPuff. Ocado's decision to integrate Uber drivers into its delivery network is aimed at improving the efficiency of its service, particularly for smaller orders placed through the Zoom service.
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https://hellofaread.com/money/sainsburys-to-close-much-loved-store-in-south-london-after-over-50-years/
