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Companies embrace four-day workweek after successful trials
Seventeen companies in the UK that participated in a six-month trial of a four-day working week have decided to make the model permanent, following notable gains in staff well-being, mental health, and productivity. The trial, which involved nearly 1,000 employees across various sectors, was organised by the 4 Day Week Foundation and studied by Boston College.
During the trial, participating businesses reduced work hours without cutting pay. Twelve companies adopted the four-day week permanently, while five opted for a “nine-day fortnight,” offering employees every other Friday off. The companies ranged from housing associations to professional bodies, with team sizes varying from under five employees to more than 400.
Research showed significant benefits for workers, with 62% reporting less frequent burnout, 41% seeing improved mental health, and 45% expressing greater life satisfaction. Businesses also saw positive changes in recruitment, retention, and employee morale.
The success of the trial has led to the permanent adoption of the model by over 235 UK businesses, supporting more than 6,000 employees. Advocates believe the growing interest signals a shift towards wider acceptance, with businesses balancing productivity gains against improved work-life balance.
Watches of Switzerland reports record revenue but profit dip
Watches of Switzerland has announced a record revenue of £1.65bn for the year ending April 27, marking a 7% increase from the previous year. However, profit before tax decreased by 18%, falling to £76m.
The US market proved to be the main growth driver, with revenues climbing by 16%, compared to a modest 2% growth in the UK. Despite a challenging previous year, the UK market showed signs of recovery.
The company attributes its performance to its strong business model and strategic partnerships with leading luxury watch and jewellery brands. Its US business reached a significant milestone, surpassing $1bn in revenue for the first time, supported by the recent acquisition of Roberto Coin Inc.
The UK market has stabilised, and trading conditions have improved, contributing to the overall growth. The company’s performance underscores its leadership in the luxury goods sector.
Child exploitation charity moves to new safe haven
Kennelpak faces administration, resulting in job losses
Kennelpak, a pet products wholesaler and manufacturer, has entered administration, leading to the loss of 51 jobs. The company, backed by private equity firm Endless, called in administrators Kerry Bailey and Mark Thornton from BDO on 3 July.
The administrators swiftly concluded a sale of the Yakers brand, including its stock and assets, to Assisi Pet Care, securing the positions of two staff members. While this deal helped preserve part of the business, the remaining assets are now being reviewed for potential sale.
Despite reporting an increase in turnover, from £33.8m to £37.1m, and returning to profitability, Kennelpak was unable to overcome its financial difficulties, ultimately leading to the redundancy of 51 employees. The administrators are assisting affected workers with redundancy claims.