the future of its steel empire is far from rosy
Rather, it is simply an indication of the extent of activity, which has been reduced to balancing the day-to-day accounts.
A request for a £ 170million government loan was turned down, a plea Gupta tried to pass off as proof that he was diligently exploring all avenues for new funding rather than proving he was quickly running out of money. options.
To anyone listening in Scunthorpe or Stocksbridge, or one of the other towns where Gupta is a major employer, it probably sounded like there was no crisis, that it was nothing more than ‘another bump on what he described as “a tough journey.”
Gupta has even promised that none of its factories will close “under my watch”. But who is he trying to joke? With several liquidation petitions filed against some of his UK companies, that may not be for him to decide.
Then there is more optimism
It might be spring and the lighter evenings, though it’s more likely the gradual easing of the lockdown, but suddenly there’s a sense of optimism in the air.
It was first Simon Emeny, boss of Fuller, Smith and Turner, after reporting an 80% drop in revenue after closing its pubs for three quarters of last year.
Rather than drowning her grief, Emeny has instead chosen to raise a drink to patrons “eager to go back to pubs” with a £ 54million fundraiser that will help train the additional staff needed to cope with the return of the pubs. punters.
Now it’s Next boss Simon Wolfson who is feeling optimistic. Despite halving profits last year, retailer raises profit forecasts for the coming year after a bigger than expected boom in online sales.