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 crisps and snack maker Golden Wonder, one of the best-known names in the food industry, has collapsed into administration, putting 850 jobs at risk. The privately owned company had faced fierce competition from the market leader Walkers. The company suffered losses of £10.8 million in 2004, on sales of £87.8 million and losses for 2005 are described as 'significant'. Given the continuing level of losses Golden Wonder's own label operations in Corby, Northamptonshire, will close with 350 people redundancies. The administrators would not put a timetable on the closure but a union official, Gary Holz, said: 'We're being told the factory will shut within a fortnight with some production moved to their Scunthorpe site'. Mr Holz criticised the way the redundancies were being handled, saying: 'The union was only informed today that the announcement was being made and as you can imagine our members have been left absolutely devastated.'
As well as its Corby plant, Golden Wonder employs 380 at its Scunthorpe factory and a further 120 at its Market Harborough headquarters.
Within one week of the announcement 195 jobs were saved at Golden Wonder's Corby factory after administrators for the troubled firm sold one of its main divisions. The Pringles Mini business has been sold to Northern Ireland firm Tayto Group for an undisclosed sum, safeguarding 195 jobs at the factory.
Eurofound (2006), Golden Wonder, Closure in United Kingdom, factsheet number 62768, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62768.