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.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
280 jobs Number of planned job losses
Announcement Date
12 November 2008
Employment effect (start)
Foreseen end date
31 December 2009
Description
Friends Provident, a financial services company specialising in pension and life products, is to close down one of its two sites in Manchester. The company has not specified yet the exact number of jobs to be lost but it has announced that the losses will be implemented by December 2009. According to the Unite union, there would be about 280 job cuts while some of the jobs might be transferred to the company's smaller Manchester site. The affected posts include customer services, IT and other head office functions. The total number of employees at both sites is 465. As of November 2008 there is no information on the exact number of job losses and on the number of jobs potentially transferred to other head office operations.
Sources
13 November 2008: BBC News
Citation
Eurofound (2008), Friends Provident, Closure in United Kingdom, factsheet number 67378, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67378.
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