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.
Financial services provider Provident Financial announced 340 job cuts in its home credit business. This includes 262 management and clerk positions.
In total, 78 jobs are to be lost at the company’s head office in Bradford, West Yorkshire, and 262 from its field based offices throughout the UK. This amounts to a reduction of staff in the home credit business by 12%.
The company, which typically lends money using door to door selling techniques, says that the move follows a drop in revenues as household incomes are squeezed.
Earlier this year, Provident Financial had already announced the cut of 130, mostly managerial, positions.
Eurofound (2013), Provident Financial, Internal restructuring in United Kingdom, factsheet number 76214, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76214.