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.
Thames Water has announced plans to cut 350 jobs in a bid to cut costs. The utility company, which is based in Reading, also said that it intends to make savings by leaving a further 300 vacancies unfilled and by ending contractor roles. The roles affected are understood to be management roles and support functions and Thames Water has stressed that the cuts will not affect the service and its customers' experience. There is no information as yet on when the job cuts are expected to take effect.
Thames Water has made this announcement on the back of falling profits. It also received a fine in 2018 by the regulator for failing to fix leaks. A spokesperson for the Unison trade union commented that the job losses were disappointing, and that the union would be doing all it could to minimise the numbers affected.
Eurofound (2019), Thames Water, Internal restructuring in United Kingdom, factsheet number 98101, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98101.