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.
Owner of British Gas, Centrica has announced plans to cut 4,000 jobs across the UK. The move follows the release of financial performance figures which revealed a drop in operating profit of around 17%, an outcome which Centrica has blamed on the government's policy of a price cap and competition in the sector. The first 1,000 jobs will be cut during 2018. Some will be the result of not replacing staff who are leaving, but others will be compulsory redundancies.
The job losses are in addition to an existing plan to reduce headcount by 2020. In July 2015, the company already announced a net reduction of 4,000 jobs in the country.
Eurofound (2018), Centrica, Internal restructuring in United Kingdom, factsheet number 93641, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/93641.