Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
OVO Energy, the British energy firm has announced restructuring plans to cut 2,600 jobs, a third of its workforce across Scotland, England and Wales by the end of 2020. The job losses include about 1,000 meter readers and as many call centre staff. More than 200 electrician and boiler repair technicians will also be made redundant.
The company’s chief executive officer said that the COVID-19 crisis had made it necessary to speed up the restructuring following OVO’s acquisition of SSE Energy Services in January 2020.
A spokesperson for the trade union Unison promised to ensure that as many redundancies as possible were voluntary, while a representative of the trade union GMB union said that the redundancies were 'absolutely disgraceful' citing a report in the Daily Record that a Perth MP had been assured there would be no job losses following the acquisition of SSE.
Ovo Energy is Britain’s second largest energy company. It was founded in 2009 and started by buying and selling electricity and gas to supply households and became one of the Big Six energy companies with the acquisition of SSE's (formerly known as Scottish and Southern Energy plc) retail arm.
Eurofound (2020), OVO Energy, Merger/Acquisition in United Kingdom, factsheet number 101084, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101084.
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