Tag: closure

Final salary pension scheme closures on the up

Final salary pension scheme closures on the up

According to the National Association of Pension Funds (NAPF), final salary pension scheme closures are on the increase. These types of schemes are becoming significantly more expensive to operate and costs are likely to rise. As a result, the rate of decline appears to be picking up, said the NAPF. The Association said 17% of [...]

Pfizer to close UK operations with loss of 2,400 jobs

Pfizer to close UK operations with loss of 2,400 jobs

US pharmaceuticals giant Pfizer has today announced plans to close its Viagra R&D facility in Sandwich, Kent, which will result in the loss of 2,400 jobs. The company said the majority of the staff will be made redundant, however, “several hundred” may be transferred to other Pfizer sites. The move is aimed at saving $1.5 [...]

US drugs giant announces 6,000 job cuts

US drugs giant announces 6,000 job cuts

Pfizer has announced plans to reduce its global headcount by 6,000 over the next five years as part of a major restructure. The company, which is the world’s largest drug maker, said the jobs represent almost a fifth of its workforce and said it will also close manufacturing sites in Ireland and scale back operations [...]

3,000 Post Offices at risk of closure

3,000 Post Offices at risk of closure

The National Federation of Sub-Postmasters has today warned that 3,000 post offices are at risk of closure. According to George Thomson, the Federation’s general secretary, a ‘double squeeze’ of falling income from Post Office Limited, along with higher staff and utility bills means many post offices are struggling to keep their heads above water. Post [...]

Kraft criticised for factory closure u-turn

Kraft criticised for factory closure u-turn

US food giant, Kraft, has been criticised by a group of MPs today after the company pledged to keep open Cadbury’s Somerdale factory in Keynsham, but later decided to close the site following its takeover of the British confectioner. Kraft, which made several hostile bids for Cadbury before shareholders finally agreed to a deal, initially [...]

Barclaycard to close office in Glasgow with loss of 350 jobs

Barclaycard to close office in Glasgow with loss of 350 jobs

Barclaycard has today confirmed it is to close its loan centre in Glasgow this summer, which will result in the loss of 350 jobs. The centre, which is located at Academy Park on the city’s south side, deals with loans arranged at the point of sale in shops. Neil Radley, managing director of International Consumer [...]

Kraft promises no further factory closures

Kraft promises no further factory closures

Marc Firestone, vice-president of US food giant, Kraft, has today appeared before MPs on the Business Select Committee and has apologised for the firm’s pledge to keep open Cadbury’s Keynsham factory. Mr Firestone was questioned by MP’s over the company’s takeover of Cadbury. Kraft completed its takeover of the 186-year-old iconic British confectioner on 2 [...]

Kraft VP to be questioned over Cadbury factory closure

Kraft VP to be questioned over Cadbury factory closure

Marc Firestone, vice-president of US food giant, Kraft, will appear before MPs on the Business Select Committee today. Mr Firestone will be questioned by MP’s over the company’s takeover of Cadbury. Kraft completed its takeover of the 186-year-old iconic British confectioner on 2 February after a five-month battle. Earlier this month, the US food giant [...]

Kraft facing inquiry over Cadbury factory closure

Kraft facing inquiry over Cadbury factory closure

US food giant, Kraft, is set to be investigated by the City takeover panel about whether it made misleading comments at the time of its takeover of British confectioner, Cadbury. Kraft, which made several hostile bids for Cadbury before shareholders finally agreed to a deal, initially said a takeover of Cadbury would secure UK jobs, [...]

AstraZeneca to close Loughborough plant

AstraZeneca to close Loughborough plant

The UK’s second-largest drug maker, AstraZeneca, has announced plans close a research centre near Loughborough, Leicestershire. The drug giant is one of Leicestershire’s major employers and the move will result in the loss of more than 1,000 jobs. Furthermore, a smaller facility in Cambridge is to close and are part of plans to axe 8,000 [...]

Ethel Austin fails to attract buyer, 1,000 lose their jobs

Ethel Austin fails to attract buyer, 1,000 lose their jobs

Fashion retailer Ethel Austin has been forced to close its doors after failing to attract a buyer. Earlier this month, the Liverpool-based discount clothing retailer, together with its sister company Au Naturale, entered administration for the second time in two years. The group was bought out of administration in 2008 by Elaine McPherson – former [...]

Kraft confirms closure of Cadbury Somerdale plant

Kraft confirms closure of Cadbury Somerdale plant

US food giant, Kraft, has confirmed it will close Cadbury’s Somerdale plant near Bristol with the loss of 400 jobs. Cadbury has a UK workforce of 4,500, including 2,500 at its historic Bournville factory in Birmingham and 400 at its headquarters in Uxbridge. The move comes after the 186-year-old iconic British confectioner, renowned for Dairy [...]

BP posts 45% fall in annual profit

BP posts 45% fall in annual profit

Oil giant BP has today posted a 45% fall to £8.75 billion in 2009-annual profit compared with the 2008 year. Meanwhile profit for the fourth quarter of 2009 rose 33% to £2.16 billion ($3.45 billion) compared with the $2.59 billion posted a year earlier, as a result of the recovery in oil prices. However, the [...]

Starbucks results exceed expectations

Starbucks results exceed expectations

US coffee chain Starbucks has exceeded market expectations by reporting a threefold rise in quarterly profits. The chain posted a net profit of $241.5 million (£148 million) in the final quarter of 2009, compared with $64.3 million in the same period a year ago. Meanwhile, same store US sales grew 4%, their first rise in [...]

900 jobs at risk as Bosch plans to close Welsh factory

900 jobs at risk as Bosch plans to close Welsh factory

Motor parts manufacturer Bosch has announced plans to close its site in Miskin, near Cardiff, in summer 2011 which will result in the loss of approximately 900 jobs. The decision follows three months of consultation and the firm has now decided to recommend complete closure of the plant and is said to be transferring the [...]

Corus to close plant with loss of 1,700 jobs

Corus to close plant with loss of 1,700 jobs

Britain’s largest Steelmaker Corus has announced today it is to close its Teesside Cast Products factory by the end of January, leaving 1,700 people jobless. The steel giant announced 3,500 job losses (with 2,000 in the UK) back in June and has been hit by a slump in demand. It produces 20 million tonnes of [...]

Final-salary pension schemes reaches record low

Final-salary pension schemes reaches record low

Land Registry reports 0.9% rise in house prices in September

Land Registry reports 0.9% rise in house prices in September

The Land Registry has today reported a rise in house prices in England and Wales in September. According to the Registry, house prices rose by 0.9% in September compared with August putting the average cost of a home at £158,377. It must be noted that the Land Registry compiles its data from completed transactions and [...]

Dairy Crest latest firm to close final salary pension scheme

Dairy Crest latest firm to close final salary pension scheme

Dairy Crest has become the latest company to announce it will close its final salary pension scheme to existing members, having closed the scheme to new employees in 2006. The group, which is one of the UK’s largest milk firms and makes brands such as Country Life and Clover butter, Davidstow cheese and Frijj flavoured [...]

Jaguar Land Rover to close plant, Lada cuts 27,600 jobs

Jaguar Land Rover to close plant, Lada cuts 27,600 jobs

Jaguar Land Rover has confirmed it is to shut one of its sites in the West Midlands due to a restructure of its operations. The group will decide next year whether it will close its Castle Bromwich plant in Birmingham or its Range Rover factory in Solihull. While the closure of the plant is not [...]