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 National Exhibition Centre Group (NEC Group), the UK-based live events business has confirmed that it will cut 450 jobs due to the impact of the COVID-19 pandemic on live events.
The chief executive said the company was 'greatly impacted' by the health crisis and it was necessary to 'reduce its cost base significantly' to secure its future post-pandemic. The company said its annual revenues fell from £160 million (€176 million as at 16 October 2020) to almost zero between March and September 2020. The company and its employees have benefitted from the Coronavirus Job Retention Scheme, which ends in October, however, due to the low level of activity, they will not be able to benefit from the Job Support Scheme that replaces it.
The NEC Group operates a number of large venues, such as the National Exhibition Centre and Resorts World Arena, as well as a number of catering and hospitality companies. The Group organises many of the largest exhibitions in the UK, including the international dog show Crufts as well as conferences, music and sports events.
Eurofound (2020), NEC Group, Internal restructuring in United Kingdom, factsheet number 102104, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102104.