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.
Wates, the British construction, development and property services company has announced plans to cut 300 jobs, with most cuts affecting surveyor, planner and bidding roles in its Construction and Property Services divisions across the country. The company has also revealed that 200 agency workers had also been made redundant since the start of the coronavirus crisis, taking the total number of redundancies to 500.
A spokesperson for the company has said that downsizing was necessary to save costs, protect the company and adjust to the expected lower levels of business activity in the wake of the Covid-19 pandemic.
Wates is one of the leading privately-owned businesses in the UK construction and property development sector, which was founded over a hundred years ago. It has been the first company in the sector to announce large-scale redundancies prompted by the Covid-19 crisis.
Eurofound (2020), Wates, Internal restructuring in United Kingdom, factsheet number 101099, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101099.