JD Sports chairman sounds the alarm over Labour’s radical workers’ rights overhaul
THE chairman of JD Sports has warned that jobs will be at risk if the Government brings in “overly prescriptive” workers’ legislation.
The warning shot comes as Deputy Prime Minister Angela Rayner and the Business Secretary Jonathan Reynolds try to schmooze 12 business leaders today, to win support for their radical workers’ rights overhaul.
Chairman of JD Sports warns Labour could be putting jobs at risk[/caption]The Government claimed last night that it will “modernise the world of work by ending exploitative zero-hours contracts, extending Day One employment protections on unfair dismissal, and delivering a genuine living wage”.
Ms Rayner and Mr Reynolds will host a “business breakfast” today to sell the reforms to giants of UK business.
Those invited include Sainsbury’s boss Simon Roberts; McDonald’s chief Alistair Macrow; BT leader Allison Kirkby and Dominic Paul, who runs Premier Inn owner Whitbread.
Companies have already expressed concern about the shake-up, particularly giving workers a “right to switch off”, which top bosses say is not practical in many workplaces.
Andrew Higginson, chairman of JD Sports, told The Sun: “The world has changed. We don’t live in a 9 to 5, five-days-a-week world. There needs to be a flexible workforce.”
Mr Higginson, who was formerly chairman of Morrisons, said that onerous legislation could also lead to a rise in the “ambulance-chaser” law firms who go after big companies.
But Mr Reynolds said: “Our plan to make work pay will always be unashamedly pro-worker and pro-business.”
Top of the chops
AXE-throwing and escape rooms are proving more popular than ever as alternative “away days” for employees, according to the boss of XP Factory.
The company said it has record advance bookings between now and the end of 2024, after revenue hit £57.3million in the 15 months to March 31, more than double that for the 12 months of 2022.
XP Factory runs two brands of what it describes as “experiential entertainment”, Boom Battle Bar and Escape Hunt.
Activities include shuffleboard, which is similar to curling, drinking game “beer pong”, axe-hurling, “crazier” golf as well as classic karaoke plus themed escape rooms.
Boss Richard Harpham said there had been an “exceptional period of growth”. The company charges £50 for one half-hour session of axe-throwing for six people.
Sterling efforts
THE pound could hit $1.41 against the dollar by the end of 2025, according to Bank of America analysts.
The Wall Street lender predicts sterling will be one of the global top performers and could strengthen to $1.35 by the end of this year.
In the last week, sterling hit $1.32, its highest level in more than two years. A strong pound helps Brits’ holiday cash go further but it is pricier for exporters.
A home run for Aussies?
Australia’s REA Group is considering a bid for Rightmove[/caption]THE UK’s biggest property website, Rightmove, soared by more than a quarter yesterday after it emerged that Australia’s REA Group was considering a bid.
The company had a market value of £4.36billion on Friday, but REA Group’s interest propelled its valuation to £5.5billion, the highest in more than two years.
REA Group, Australia’s biggest online property site, confirmed it was considering a potential cash and share offer but has to approach Rightmove’s board first.
Under UK takeover rules, the company has until September 30 to make an offer.
The Group says the potential move would “enhance the UK property experience for buyers, sellers and renters”. Rightmove has an 86 per cent grip on the UK house search market.
REA Group is 61 per cent owned by News Corp, the owner of The Sun.
UK oil snubbed
ONE of the North Sea’s biggest oil field developers has put the brakes on UK investment, just days after Ed Miliband put projects in jeopardy.
Neo Energy — which was working on creating a £900million field off the coast of Aberdeen — announced that it had opted “to materially slow down investment”.
It came after the Energy Secretary decided not to contest a legal challenge from eco-campaigners.
The industry believes the intervention will impose unworkable emissions rules.
Harrods spree
HARRODS’ owners have paid themselves a £180million dividend for the second year in a row despite profits sinking by almost three quarters.
Sales at the luxury Knightsbridge store, which is owned by Qatar’s sovereign wealth fund, increased to a record £898.4million for the year to February 3.
However, its pre-tax profits tumbled during the same period from £470.8million to £162.2million after a writedown in the value of the department store’s assets following a pension fund deal.
THE UK’s manufacturing sector grew at its fastest rate for more than two years last month.
The closely watched S&P Global Purchasing Managers’ Index hit 52.5 in August, up from 52.1 in July. Any reading above 50 means a sector is in growth.