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.
ECG Group, which has its headquarters in Blantyre, called in receivers early feruary 2006. As a result a total of 224 jobs are to be lost at a company in Lanarkshire. The remaining 33 members of the workforce in Blantyre will assist the receivers in realising the maximum value from the business and its assets. The firm installs heating and ventilation systems and has carried out contracts in schools and local authority housing.
Joint receiver and head of KPMG Corporate Recovery in Scotland, Blair Nimmo, said: 'a number of problematic contracts where substantial losses were continuing to be incurred, left the directors with no choice but to the request. ECG Group managing director, said the announcement was 'a source of very deep regret for all those associated with ECG'. He added: 'Our priority at this time is to offer support to our staff and it is our earnest hope that our highly skilled and committed workforce will soon be absorbed within an industry sector that is currently limited by a shortage of such experienced personnel.'
Eurofound (2006), ECG Group, Internal restructuring in United Kingdom, factsheet number 62894, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62894.