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.
One of the 'big six' energy providers NPower has announced plans to cut 900 jobs from its UK workforce. The company has blamed the cuts on the government's price cap on default tariffs and the intense competition in the sector. The cuts equate to around 15% of the firm's UK workforce. There will be a statutory period of consultation on the job losses, with the cuts expected to take place over the coming year.
A spokesperson for the Unison trade union commented that further cuts were to be expected across the industry. A spokesperson for the government denied that the job losses were due to the price cap and suggested that the cap would allow efficient suppliers to flourish.
A previous restructuring took place in 2016, when 2,400 jobs were lost.
Eurofound (2019), NPower, Internal restructuring in United Kingdom, factsheet number 96683, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/96683.