UK business collapses as virus hits

The effects of the Coronavirus on the UK market are already being felt, according to reports by the Financial Times.

Corporations such as Apple and Starbucks have felt the financial strain of being unable to operate or receive componentry from China, and within the last week, businesses across the UK including Twitter have advised staff to avoid offices and work remotely and the stock market fell to a point only witnessed in recent decades in the global recession of 2008.

Now, it has been confirmed that Europe’s largest regional airline Flybe has collapsed into administration after failing to receive a £100million bailout – largely, it stated, due to the ‘additional pressure’ of strict market constraints on international travel due to COVID-19, the Financial Times reports.

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The company has confirmed that all flights will be immediately terminated and advised all passengers not to travel to airports unless other travel arrangements have been secured. The collapse has rendered over 2,400 employees jobless, all of whom were notified of the situation in a letter sent by Chief Executive Mark Anderson, who said: "Despite every effort, we now have no alternative – having failed to find a feasible solution to allow us to keep trading. I am very sorry that we have not been able to secure the funding needed to continue to deliver our turnaround," he added.