Fri, 24 May 2013
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McGrigors to cut 40 jobs in UK-wide redundancy round
@ 9:36 "its worth noting that the firms seem to have done everything they could over a 2 year period to avoid having to make this kind of step - pay freezes, unpaid leave etc."
"etc" - it covers many things but not, in this case, profits. Whilst profits may be down at most firms lets not forget that partners are still trousering well above average income so more could have been done (if they'd really wanted to).
Look at Dragon's Den (for example), entreprenuers pay themselves peanuts to get businesses running through difficult patches yet partners nevertheless strip out substantial drawings even if it is supported by bank debt.
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