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.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Trade, Except Of Motor Vehicles And Motorcycles 47 - Retail trade, except of motor vehicles and motorcycles
150 jobs Number of planned job losses
Announcement Date
6 September 2005
Employment effect (start)
Foreseen end date
Description
Building materials group Travis Perkins is to cut 150 jobs as it speeds up its cost-cutting in the wake of a 7.4% fall in like-for-like retail sales at the newly-acquired Wickes. Back office, IT and finance staff at the former Wickes headquarters at Harrow, north London, and Travis's base in Northampton are at risk of redundancies.
Shares in Travis fell by 5% as group chief executive Geoff Cooper blamed a reduction in consumer confidence and a slow housing market. Travis reported a rise in pre-tax profits from £100.6 million to £110 million during the first half of 2005 with turnover rising 41.3% to £1.29 billion, thanks to Wickes. Mr Cooper said he did not regret buying Wickes, insisting that the fundamentals of the business remained strong and market share was increasing.
Sources
6 September 2005: The Guardian
Citation
Eurofound (2005), Travis Perkins, Merger/Acquisition in United Kingdom, factsheet number 62190, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62190.
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