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.
Intelligent Processing Services Ltd (IPSL), a firm that provides payment processing services to banks, has announced that it is to close its site in Bristol with the loss of approximately 100 jobs. The Bristol site is due to close by March 2009. Management at IPSL attribute the closure of the Bristol site to a decline in the number of consumers using cheques as a method of payment. Roger Arnold, Chief Exective of IPSL, stated that the Bristol site had been heavily dependent on the business associated with the processing of cheques and also stated that the firm's 'Bristol team has always delivered a highly professional service and [that] this decision in no way reflects on their abilities or commitment'. The firm has also stated that those employees affected by the job losses have been offered alternative work at other IPSL sites in the UK.
Eurofound (2008), Intelligent Processing Services Ltd (IPSL), Closure in United Kingdom, factsheet number 66716, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66716.