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.
The company includes Wickes, Toolstation and Tile Giant. The branch closures will mostly be concentrated in its Travis Perkins General Merchant outlets, in small branches where it is difficult to implement safe distancing practices.
Other parts of the business such as Wickes and Toolstation will also be affected by closures. In addition to roles in the branches, the restructure will also impact on roles in distribution, adminstration and sales.
The company owns a number of chains including DIY retailer Wickes and Toolstation, with more than 2,100 branches around the United Kingdom.
Although the company has 66 Toolstation stores in the Netherlands, France and Belgium, these stores will not be affected.
It is estimated that the cuts will are likely to reduce its workforce of 30,000 by around one-tenth. The branch closures have been put down to due to the difficult trading conditions resulting from the COVID-19 pandemic, where the company does not foresee a return to pre-pandemic sales in the near future.
The company closed around two-thirds of its merchantge branches and about half of its plumbing and heating branches at the outset of the UK shutdown.
Around half of its workforce – 15,000 – were furloughed on full pay under the UK Government’s Coronavirus Job Retention Scheme while board members and senior executive team took three month pay cuts from May 2020.
A phased re-opening of many of its branches began in late April. Travis Perkins has commenced consultation with staff on the job cuts and branch closures.
Eurofound (2020), Travis Perkins, Closure in United Kingdom, factsheet number 101261, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101261.
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