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.
UK Coal have announced the closure of another deep coalmine this time at Welbeck colliery in north Nottinghamshire, the potential loss of jobs is put at 520. The chief executive blamed geological faults and limited recoverable reserves for the closure of the mine which has been producing coal for 90 years but lost £20m in 2004. The move - which follows the decision to shut the Ellington mine and shelve expansion at Kellingly - will cost the company £25 million. 'Despite the best endeavours of the workforce at Welbeck, we have failed to secure ways of reducing the high cost gaps in production forecast in the current mining plans', he explained. There are hopes that the transfer of some miners to Harworth and Thoresby in Nottinghamshire will occur.
Eurofound (2005), UK Coal, Closure in United Kingdom, factsheet number 61113, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61113.