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.
The Crieff Hydro Group, the British hospitality company, which owns a chain of hotels in Scotland, announced that it had started redundancy consultations with its employees. It is expected that the company will cut 241 jobs in early August.
The owner of the company said the redundancies were necessary to compensate for the downturn in business in the wake of the COVID-19 pandemic.
A representative of the Scottish Tourism Alliance said that hospitality businesses, which had been severely affected by the coronavirus crisis, may not have other options but to reduce employee costs.
The first Crieff Hydro hotel was opened in 1868. The group currently runs seven hotels in Scotland and it is still owned owned by the founder’s family.
Eurofound (2020), Crieff Hydro Group, Internal restructuring in United Kingdom, factsheet number 101296, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101296.