(Source: Investors Chronicle )
Prime Minister Boris Johnson has given the green light to England's car retailers in his bid to get Britain back to work. On 1 June, automotive retailers including Vertu Motors (VTU) and Marshall Motor (MMH) will be allowed to open their doors, ahead of a wider retail sector return in the middle of the month. Car retail showrooms have been closed to the general public since the end of March, with retailers limited to conducting sales online and offering some service to key workers and vulnerable people.
The toll of keeping retailers closed has blown holes both in corporate and government finances. Pendragon (PNG) shuttered its retail sites on 23 March and said that coronavirus dragged down its first-quarter underlying pre-tax profits by around £10m, pushing it into a quarterly underlying loss of £2.3m. The Society of Motor Manufacturers and Traders (SMMT), meanwhile, estimates a daily cost of £61m to the Treasury, owing to lost tax income and furlough funding.
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