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.
Rail repairs and refurbishment company Railcare has made 150 staff redundant in Wolverton, near Milton Keynes, and Springburn, Glasgow. As announced, the company has gone into administration because of deteriorating trading conditions and falling demand. It has also failed to secure a takeover by a German firm.
Railcare hopes that customer demand will allow the company to trade until administrators find a buyer for the business. Acccording to trade unions, however, the business is viable but there are cash flow problems that were generated by delays to fleet refurbishment programmes in spite of the company's full order book since October.
Eurofound (2013), Railcare, Bankruptcy in United Kingdom, factsheet number 75751, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75751.