UK markets closed

Britain's Pendragon shuts sites, expects to furlough some employees

File photo of a man passing cars on a showroom forecourt in west London

(Reuters) - Auto retailer Pendragon <PDG.L> said it will temporarily close retail stores across the UK and might temporarily furlough most of its employees in the UK motor and car store divisions, as the coronavirus pandemic forced Britain into lockdown.

The British government said last week it will pay a massive share of private sector wage bills to discourage bosses from firing staff as it resorts to war-time levels of borrowing to prop up the economy during its shutdown.


(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shinjini Ganguli)