Business news in brief
Britishvolt in talks over sell-off to keep firm afloat
Troubled electric car battery maker Britishvolt has said it is in talks with investors over a possible sale, to keep the firm afloat after it came close to collapse last year. The firm said in a statement yesterday: “The discussions aim to secure legally binding terms that would provide Britishvolt with the long-term sustainability and funding necessary to enable it to pursue its current plans to build a strong and viable battery cell R&D and manufacturing business in the UK.”
The government-backed start-up has been developing a £3.8bn gigafactory in Blyth, Northumberland, and received tens of millions of pounds of financial backing from metals giant Glencore. But it fell into emergency funding talks in November after revealing it was close to entering administration, and managed to secure funding to keep it afloat in the short term.
A sale would mean Britishvolt could continue with the development of the factory, until it can begin making money from selling its batteries to carmakers. Its existing employees, of which there are around 300, agreed to a voluntary salary cut for November to help reduce costs, it had said. There were no details in the statement about the identity of the investors involved, or how much the sale could be worth. The firm added that it, and the consortium of investors, would provide further details at the “appropriate time”. PA
Thousands of jobs set to be axed by Goldman Sachs
Goldman Sachs will start cutting thousands of jobs across the business from this week in an effort to sharply cut costs, according to reports. The US investment banking giant is expected to axe around 3,200 roles as it prepares for tough economic conditions, including recessions in many key markets.
According to Bloomberg, the bank will cut around 6.5 per cent of roles from its 49,000 workforce and will include reductions in its core trading and banking units. The company is also expected to cut hundreds of jobs from its loss-making consumer operation after scaling back its direct-to-consumer Marcus division. It is not known where the job losses will occur, but the firm has six offices in the UK, including in London where it is believed to employ around 6,000 staff, and in Birmingham and Milton Keynes. Its largest presence is in the US, where it has more than 25 offices.
Last month, chief executive David Solomon reportedly sent a voice memo to staff for the year end, warning that headcount was set to be reduced in the new year. The group is expected to start the cuts from tomorrow. PA
Lidl sales jump by a quarter in run-up to Christmas
Discount supermarket Lidl has revealed its sales jumped by almost a quarter over the key festive period as it said it was buoyed by shoppers switching from rivals amid budget concerns.
The retailer said sales increased by 24.5 per cent over the four weeks to 25 December, compared with the same period in 2021. It added that it welcomed 1.3 million more customers to stores over the week before Christmas compared with the previous year. This included the supermarket chain's “busiest-ever day of trading in 28 years” on Friday 23 December as shoppers sought to buy last-minute Christmas groceries.
Lidl GB chief executive Ryan McDonnell said: “Every week of the year we are seeing more customers coming through our doors, switching spend to Lidl from the traditional supermarkets. We know they switch to us to make savings, but then they stay with us when they realise that they’re not having to compromise on quality, and this Christmas was no exception.”
Quarterly data from sector analysts at Kantar showed Lidl and fellow German discounter Aldi steadily increasing their market share against traditional UK supermarket rivals. Last week, Aldi hailed a record Christmas performance as sales jumped 26 per cent in December. PA
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