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.
On 11 June 2008, it was announced that Scottish & Southern Energy, a firm that operates in the energy sector, is to acquire the Cumbernauld site of Goldfish, a firm that operates in the credit card sector. The firm has stated that approximately 800 of the 900 jobs originally reported lost at the Cumbernauld site will subsequently be saved. The takeover of the site is expected to be completed by the end of 2008. Staff and the public authorities have reacted positively to the announcement, despite expressing reservation about the forms of work that will be given to employees affected by the change. As of June 2008, there is no further information on the future of the Goldfish head office in London.
Previously 990 jobs were reported to be lost at Goldfish at its sites in Cumbernauld and London. The job losses result from the acquisition of Goldfish by Barclaycard, a multi-national credit card group, in February 2008. 900 job losses were expected to occur with the closure of a Goldfish call centre in Cumbernauld in Scotland, whilst 90 job losses were to follow the closure of the Goldfish head office in London. Barclaycard described the site in Cumbernauld as ‘additional capacity’. Managers at Barclaycard have also stated that the work carried out at the Cumbernauld site will be transferred to other sites that are operated by Barclaycard. Both sites were expected to close by the end of 2008. A three month consultation process on the job losses is currently being conducted at both sites. Managers at Barclaycard have stated that the group attempted to help affected employees find alternative employment.
Eurofound (2008), Goldfish, Merger/Acquisition in United Kingdom, factsheet number 66611, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66611.
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