Victoria Beckham Ltd. has had a change of heart and will turn down emergency aid from the British government, paying furloughed employees out of the company’s coffers.
The company had placed more than 30 employees, or about 25% of its workforce, on furlough after the government announced a series of lockdown measures for businesses last month.
The business has also undergone some major management changes over the past few months, with Marie Leblanc de Reynies named chief executive officer last September. She succeeded Paolo Riva, who left the company in July for personal reasons after 10 months on the job. Ralph Toledano is chairman of the company.
In 2017, Neo Investment Partners took a 30 million-pound minority stake in Victoria Beckham Ltd., which at the time was valued at 100 million pounds.