Covid: Wickes owner Travis Perkins to cut 2,500 jobs

The UK's biggest builders' merchant, Travis Perkins, plans to cut about 2,500 jobs, or 9% of its workforce.

The group said it expected a UK recession to hit demand for building materials this year and in 2021.

It said it had started a consultation process with staff at about 165 branches, about 8% of its network.

The group includes Wickes, Toolstation and Tile Giant. It said closures would mainly be of smaller branches of its Travis Perkins General Merchant brand.

Figures out last week showed that the UK economy shrank more than 20% in April while the country was in lockdown.

Bank of England governor Andrew Bailey said at the time that there "signs of the economy now beginning to come back into life", but it was unclear how much long-term damage the pandemic would cause.

The government has put in place various measures to try to limit the long-term damage, including a furlough scheme for workers.

Travis Perkins has been using that furlough scheme, but nevertheless said that the coronavirus crisis had "created significant challenges across our group".

Find out more information here - https://www.bbc.co.uk/news/business-53053055