Richard Branson

[orlando10]

Hi

Wasn't he quoted as saying -

"Look after your staff and they will look after your customers, it's that simple"

or

"Clients do not come first employees come first, if you take care of your employees they will take care of the clients".

Not doing much looking after now...

[Guest]

Originally Posted by Mr Tom Morrow

I wonder how many major European and American airlines are financially solvent and have a good financial base as well?

None maybe? Interesting question and I don't know the answer sadly.

See more...

I have looked at Virgin (as posted page 3 this thread), IAG (BA parent), Qantas, Emirates and American. I didn't look at solvency in the technical sense but more of a general balance sheet and income statement review and I modelled what the income statement may look like if flights reduce to 25% or so for the rest of the year (hopefully wont come to that).

Anyway I don't think any of the ones I looked at are set up to weather this period without some serious, serious cost cutting measures and I do not see how they can avoid cutting staff costs in some way. Emirates appeared to be the best positioned of the ones I mentioned. Virgin is the smallest in size but proportionally, its the one I would be most concerned about.

I would be interested to know if Virgin staff themselves are up in arms about the salary cut. I understand they wont go eight weeks with no pay, rather that they would have a temporary reduction in pay spread out over a longer period. It is not unheard of for staff to be asked to take a temporary pay cut in trying times and I cannot imagine there has been a more trying time than this for an airline for many years, well, if ever.

I noticed that Premier Inn are on the companies that behaved well list. I looked at their accounts yesterday and did similar modelling. They look to be in pretty good shape to me and whilst they would have a bad year, I think they would easily get through this. I can't help but think that there is a correlation between the companies that appear to be giving good service and those that are not, the fact is they can afford to, whilst others will be fighting to survive.

But of the companies I have looked at (which isn't that many) the one who will most easily get through this is surprise surprise ... The Walt Disney Company. This is due to their balance sheet strength and diversified revenue streams.

[RachaelC]

Originally Posted by Claudette

I would be interested to know if Virgin staff themselves are up in arms about the salary cut. I understand they wont go eight weeks with no pay, rather that they would have a temporary reduction in pay spread out over a longer period. It is not unheard of for staff to be asked to take a temporary pay cut in trying times and I cannot imagine there has been a more trying time than this for an airline for many years, well, if ever.

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I know several people who work there and based on their reactions to it all I wouldn't say that anyone was up in arms about it. Most of them love the company - they would do anything to help save it and retain their jobs. All the people I know chose to take the 8 weeks unpaid, but I know that there were several people who opted for the voluntary severance option too - not sure what the proportions are.

I would say that their survival largely depends on how important they are to Delta, and how hard they are also hit by it all. For the sake of my friends, then I hope they are still around - this will be the hardest storm they've weathered, but it's not the only one after 9/11 and 2008/9

[SussexFamily]

apple.news/AOpj04yPeTVqkUnJ_fFfiGA
Interesting development from RB

Coronavirus: Sir Richard Branson pledges £215m boost to protect Virgin jobs

[SussexFamily]

Originally Posted by florida girl

This is why social media can be so damaging. Wrong information enough said .

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Which info is wrong?

[Lola]

Interesting that I looked at the Orlando from Manchester flights yesterday and the exact ones we have booked for late September have now doubled in price from what we’ve paid

[Minnie18]

Originally Posted by SussexFamily

apple.news/AOpj04yPeTVqkUnJ_fFfiGA
Interesting development from RB

Coronavirus: Sir Richard Branson pledges £215m boost to protect Virgin jobs

See more...

Just seen that, too little to late 🤬 hes only done that due to pressure.

[sunseeker]

Originally Posted by Minnie18

Just seen that, too little to late 🤬 hes only done that due to pressure.

See more...

Too late for who? were any of Virgins staff let go? i thought they were asked to take an 8 week unpaid period of leave with their salary reduced over a period of time. Since then the government have stepped up and are backing all paye employees and now he has put some money into the business also. Pressure or not, the right thing has been done.

Dave

[RachaelC]

Originally Posted by Lola

Interesting that I looked at the Orlando from Manchester flights yesterday and the exact ones we have booked for late September have now doubled in price from what we’ve paid

See more...

Lots of people are re-booking, so that’s probably had a big impact on availability for later in the year. Let’s hope that flights are operating again then!

[rasmus]

Is it wrong to be expecting all these multi milionaires/billionaires to be buying medical equipment that all hospitals are running out of?

They could be buying so much to help out and it would hardly touch the amount of money they have.
Read earlier there are nurses and doctors wearing bin bags and not having face masks-thats not acceptable