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.
A site of Cosalt Holiday Homes, a firm that produces caravans, is to close in Hull in the north of England with the loss of 289 jobs. The announcement of the job losses follows the firm being acquired by the firm Endless. Endless have stated that the site in Hull is losing approximately 750 000 GBP a month, and have subsequently taken the decision to close it. A consultation process is currently taking place at the site with employees and trade unions. Endless has stated however that a nearby site that produces higher end caravans at which 40 are employed will stay open. An Endless spokesperson said,
‘The fall in confidence arising from the threat in recession and the rapid cooling of the property market has led to a steep fall in demand for holiday homes. This has had a particularly harsh impact on the caravans side of the business at Stoneferry Road in Hull, with losses currently running at 750 000 GBP per month.’
An official from the UK trade union GMB stated that the union were disappointed by the news. The official added,
‘GMB has today put a claim for an enhanced redundancy package to the new owners and we are waiting for their reply. The first priority of the new owners should be to look after the workers and provide them with enough cash to enable them to keep their families while they look for new work.’
As of October 2008, there is no information on when the job losses will be implemented by.
Eurofound (2008), Cosalt Holiday Homes, Merger/Acquisition in United Kingdom, factsheet number 67315, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67315.
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