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 65.1 - Insurance
176 jobs Number of planned job losses
Announcement Date
12 January 2017
Employment effect (start)
Foreseen end date
Description
Towergate insurance brokers have confirmed their intention to close a small business unit (SBU) of its operations in Manchester. The move, which follows a fall in revenue, will affect 176 staff who have been placed at risk of redundancy and a statutory 45 day consultation period has started. Other parts of the business which operate from the same premises will not be affected and the company has stressed that these other parts of the business will continue to do business as normal. Towergate has stated that, wherever possible, it will seek to place affected employees into other parts of its business.
Sources
12 January 2017: Insurance Age
Citation
Eurofound (2017), Towergate, Internal restructuring in United Kingdom, factsheet number 89793, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89793.
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