Rolls-Royce announce record £5.4 billion loss amid COVID 19 crisis
Aerospace company Rolls-Royce has announced it has plunged to a record £5.4 billion half-year loss after the pandemic significantly reduced the demand for air travel.
Earlier this week Rolls Royce declared plans to close a major UK site in Annesley in Nottinghamshire.
The company, which employs tens of thousands of people, said it hasbeen hit by the economic impact of the coronavirus pandemic.
The manufacturer has already announced plans to cut 9,000 jobs sincethe start of the pandemic as the demand for civil aerospace products and services has fallen.
The aerospace giant says it needed to make £1billion in cash savings.
A spokesperson for Rolls Royce said "it is with great sadness that today we have told our employees in Annesley that we are proposing to close the site."
A spokesperson added: "no-one is being made redundant today".
It's reported that around 120 people work in Annesley but the company are hoping that some existing employees will accept transfers to Derby.
It's said the company are now consulting with trade unions and employee representatives to look at all mitigating options.
A spokesperson said "We are planning to complete the transfer of activities to Derby and Oberusel (Germany) by the end of 2022."
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