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.
Avana Bakeries has announced that it is to close its Newport-based factory leading to the loss of 650 jobs. According to the source, the jobs had been at risk since February 2014 after the company lost a multi-million pound contract to supply cakes to Marks and Spencer. This contract accounted for 85% of production at the site. The source reports that a 45 day consultation period had been established which had explored ways that the site could be kept operational, but this could not produce a viable solution. It is expected that the bakery will shut in the summer of 2014. According to the source, the company will operate a voluntary redundancy scheme and also will also try to redeploy workers to other parts of the business. No numbers are yet available for how many staff may be redeployed.
Updated, 20/08/2014: The company was sold to Food Utopia in July 2014. The new owners Food Utopia were formed by two executives from previous owners 2 Sisters food group. At the time of the sale 552 people were still employed at the site. It was reported on 20 August that 390 of the remaining 552 jobs at the factory would be lost by the end of November 2014.
Eurofound (2014), Avana Bakeries, Closure in United Kingdom, factsheet number 77116, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77116.
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