JLR parts makers told to use homes as loan guarantees

Small suppliers of parts used in Jaguar Land Rover cars have been asked by banks to put up their family homes as personal guarantees to access emergency loans, with no direct UK government support on offer for suppliers a month after the carmaker was hit by a crippling cyber-attack.

- Jasper Jolly

A toll on the tills Selfridges has blamed a slump in international tourists shopping for luxury goods for a 7% decline in sales last year. Losses fell to £16m from almost £42m, but the group has not made a pre-tax profit since 2019.

(PHOTOGRAPH: DAN KITWOOD/ GETTY IMAGES)

JLR, Britain's biggest automotive employer, is considering making advance payments to top-tier suppliers as it tries to restart production, but smaller parts makers warn they are on the brink of collapse without urgent cash injections.

JLR, which makes the Jaguar and Land Rover brands, has not produced a single car since the last day of August. This week it said it would restart limited manufacturing “in the coming days”. The production freeze has left many parts makers in a desperate position, without income for more than a month.