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 Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.99 - Other financial service activities, except insurance and pension funding n.e.c.
500 jobs Number of planned job losses
Announcement Date
7 September 2016
Employment effect (start)
7 September 2016
Foreseen end date
31 October 2016
Description
Debt advisory firm, Totemic Holdings will reduce its workforce by 500 jobs. The company has said that advisor and administration positions are where the redundancies would take place. The firm provides debt advice mainly to people in the military, police and nursing professions. Before this announcement, the company employed a total of 876 workers across three sites. It is head-quartered in Grantham in Lincolnshire and has two additional offices in Long Bennington in Lincolnshire and Birmingham in the West Midlands. While the company has already commenced the compulsory 45-day consultation period and has said that the redundancies will begin in October 2016, it has not yet said how many staff would be made redundant at each site. It is thought that the largest number of redundancies will take place in the head office, where around 600 people are currently employed.
Sources
7 September 2016: BBC News
8 September 2016: Lincolnshire Echo
Citation
Eurofound (2016), Totemic Holdings, Internal restructuring in United Kingdom, factsheet number 88502, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88502.
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