Necessity is the mother of invention. Never has that old proverb been more appropriate than in the times of historic crisis. From the economic carnage of the past 12 months, innovators have risen like a phoenix from the ashes of their closed primary markets. Companies that should have been the worst affected by the pandemic have shown that the entrepreneurial spirit always finds a way.
No salesperson ever lost their job by walking into their finance department with a credit report on their big new customer and saying, “their rating looks solid enough, let’s sign them up”.
From crippling energy costs to distribution shortages and a dearth of available staff to manage the new post-Brexit trade barriers into key markets, who would be a food manufacturer in 2022?
Gaucho is the latest UK restaurant chain operator to call in administrators as the consequences of shifting customer preference and oversaturation in the market continues. The group which operates the Gaucho and Cau chains, is the latest high-profile restaurant group to hit troubles, after Prezzo, Jamie's Italian, Byron and Carluccio's all revealed plans to close branches this year.
It is clear that the UK retail market is changing. But before we accept the news that Maplin, Prezzo and New Look are suffering from a brutal winter, let's look at the full picture.
The legal sector has changed significantly in the past five years as a result of the pandemic, Brexit, and ever-changing technological advances.
Say it quietly and with a healthy dose of caution, but good news really does appear to be finally on the horizon for the UK economy, its businesses, and stakeholders.
British supermarkets Sainsbury’s and Asda were at the centre of a “shock” merger announced at the weekend which could result in the birth of a new industry giant. The deal would give them a 31% share of the market, overtaking the current leader Tesco.
As the world recovers from the last two years, companies are planning for the future. Board rooms across the planet are assessing their business’ standing in the aftermath of COVID-19 and, more importantly, deciding what their next strategic move is.
Despite the UK government announcing further easing of lockdown restrictions, early data suggests the UK economy is set for an “incomplete V” recovery. UK businesses cannot sit back and wait for their fortunes to improve with rising economic tides. Those that set their strategic stall out early will be those most likely to face what could be a bumpy road back to “normal”.