Pearl

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Glasgow, Peterborough
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
300 - 450 jobs
Number of planned job losses
Job loss
Announcement Date
3 September 2008
Employment effect (start)
3 September 2008
Foreseen end date
3 September 2011

Description

Pearl, a company that operates in the financial services sector, has announced that it is to close its offices in Peterborough and Glasgow. This could lead to the loss of up to 270 jobs in Glasgow and 180 in Peterborough, although the company has announced that it hopes to cut only 300 of its 1800 employees. The company is closing the offices in order to consolidate its business at its site in Wythall, near Birmingham, and the company has stated that this reorganisation will take between eighteen months and three years to complete.

Sources

  • 4 September 2008: The Guardian
  • 3 September 2008: BBC News

Citation

Eurofound (2008), Pearl, Internal restructuring in United Kingdom, factsheet number 67040, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67040.