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.
William Sapcote and Sons, a firm that operates in the construction sector, has been declared bankrupt and is subsequently to close its site in Birmingham with the loss of 100 jobs. Chairman Richard Sapcote announced the news to staff on 18th October 2007, and has said that a payment withheld by one of the firm’s clients was enough to ‘tip the balance’. He stated:
'Words cannot express how sincerely sorry I am that we have been unable to save the business and preserve the jobs. I would like to thank all employees for their support through the years and especially during this difficult period… Although we've still been picking up work and making profits, it's cash flow that's killed us.'
William Sapcote and Sons was founded in 1853. As of October 2007, there is no definite information on when the job losses will be implemented by. However, it is known that the majority of workers have already been dismissed and that only a small team are currently employed to aid the firm’s administrators.
Eurofound (2007), William Sapcote and Sons, Bankruptcy in United Kingdom, factsheet number 65927, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65927.