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.
It has been announced that Quinn Radiators has entered administration with the immediate loss of 280 jobs. The company in Newport, Wales, manufactures domestic radiators and employed a total of 300 staff. Over recent years, the company has faced the problems of rising costs of raw materials and competition from cheaper imports, according to a statement on behalf of the administrators. In 2016, the business received a GBP 3 million loan from the Welsh Government which helped to create 120 jobs. Local and national politicians have expressed sadness at the job losses, with some criticism being made of the way in which the company has handled the announcement.
Eurofound (2019), Quinn Radiators, Bankruptcy in United Kingdom, factsheet number 97904, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97904.