More

    Scandal-hit CBI explores funding options

    CBI Headquarters in London. (Photo by Carl Court/Getty Images)

    Britain’s scandal-hit business lobby, the CBI, said Monday it was “exploring options” following reports it was in grave financial trouble in the wake of sexual misconduct allegations.

    The Confederation of British Industry has faced an exodus of member companies since the allegations surfaced earlier this year, sparking a dramatic overhaul.

    “As has been widely reported, the CBI has experienced some short term cashflow challenges following an incredibly difficult year for the organisation,” it said in an email to AFP.

    “A number of options are being explored to resolve this issue and secure the footing of an organisation that remains in a strong medium to long term position.”

    The CBI is looking to raise £3 million to stave off potential collapse within days, according to The Sunday Times newspaper.

    Sister title The Times on Monday said the CBI was “seeking emergency funding” from its members while exploring a possible merger with MakeUK, a lobby group for manufacturers.

    The CBI has faced claims that more than a dozen women were sexually harassed at the organisation and two others had been raped.

    Police launched an investigation following the allegations first reported by The Guardian newspaper.

    CBI director-general Rain Newton-Smith in April replaced Tony Danker, who departed over a separate misconduct allegation.

    Member firms voted overwhelmingly in favour of a reset under her leadership to overhaul the CBI’s culture, governance and purpose.

    She has declined to comment on how many members have left over the scandal.

    (AFP)

    Latest

    Asda Lowestoft faces GMB strike vote 

    Asda’s Lowestoft store has become the fifth to face...

    Fed wins two prestigious national awards

    The Federation of Independent Retailers (the Fed) has scooped...

    Simply the zest – Coca-Cola adds new lemon flavour

    Coca-Cola is adding a refreshing twist to its “Real...

    Snappy Shopper confirms EPOS firm MSP Systems as eighth retail partner

    Home delivery app Snappy Shopper has partnered up with...

    Don't miss

    Asda Lowestoft faces GMB strike vote 

    Asda’s Lowestoft store has become the fifth to face...

    Fed wins two prestigious national awards

    The Federation of Independent Retailers (the Fed) has scooped...

    Simply the zest – Coca-Cola adds new lemon flavour

    Coca-Cola is adding a refreshing twist to its “Real...

    Snappy Shopper confirms EPOS firm MSP Systems as eighth retail partner

    Home delivery app Snappy Shopper has partnered up with...

    UK accused of showing ‘lack of interest’ in Scotland’s food industry labour shortage

    UK has an “apparent lack of interest” in the...

    Asda Lowestoft faces GMB strike vote 

    Asda’s Lowestoft store has become the fifth to face a strike vote by GMB members after workers said they were ready for industrial action.  A...

    Fed wins two prestigious national awards

    The Federation of Independent Retailers (the Fed) has scooped two awards at this year’s prestigious Trade Association Forum Awards. The retail organisation won Best Association/Supplier...

    Snappy Shopper confirms EPOS firm MSP Systems as eighth retail partner

    Home delivery app Snappy Shopper has partnered up with EPOS solution, MSP Systems. MSP Systems, part of the MSP group is an EPOS solution for...