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.
RD Industries, a stationery firm in Saltlash, Cornwall, has relocated its operations to sites in Plymouth and Bristol after a row with the South West Regional Development Agency (RDA) over the purchase of RDA owned land. 100 workers are employed at the firm's Saltlash plant, but the jobs will now be relocated to Plymouth and Bristol.
RD Industries says it wanted to buy RDA-owned land nearby, but the deal fell through due to the refusal of the RDA to sell the land. The company said its lawyers advised them against the move, accusing the RDA of deliberately blocking the deal. The RDA rejected the accusation, saying the relocation was 'unfortunate' but there had been no maladministration.
RD Industries managing director Roger Dymond said: 'We were renting and ready to build our factories. We had spent 135,000 GBP preparing plans for the move when a new covenant was brought in by the RDA.'
'Our lawyers said it was a deliberate deal blocker.'
The land had since been sold to a private developer and as the firm had been unable to find another site in Cornwall, it was now relocating out of the county.
Local MP Colin Breed said the move was a disaster and questioned the role of the development agency.
Eurofound (2006), RD Industries, Relocation in United Kingdom, factsheet number 64367, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64367.