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.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35 - Electricity, gas, steam and air conditioning supply
1,450 jobs Number of planned job losses
Announcement Date
3 June 2004
Employment effect (start)
Foreseen end date
Description
Centrica, Britain's biggest household gas and electricity supplier, said that about 1,450 positions within the company would be cut. Following redeployment and a reduction in the number of contractors, this would lead to about 850 job losses. Most of the cuts will be made in managerial and support positions. These job losses are a part of a ‘business transformation programme' designed to yield £ 150 million in annual savings by 2008. The job cuts themselves would bring an extra £ 90 million annual savings.
Sources
4 June 2004: The Guardian
3 June 2004: The Financial Times
Citation
Eurofound (2004), Centrica, Internal restructuring in United Kingdom, factsheet number 60364, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60364.
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