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.
Stewart Milne Group, a company that operates in the housebuilding sector, has stated that it is to cut 289 jobs. The cuts will be spread across the UK with 120 jobs in the North-East of Scotland being lost out of 993 employees, and 73 jobs in the central belt of Scotland from a total of 178. In England about 96 staff will be affected from a total of 260. As of 27 July 2008, the timing of these redundancies is not known. Stewart Milne Group blamed ‘deteriorating market conditions’ for the job losses.
Chief executive Stewart Milne stated ‘No-one in our sector is immune from the downturn. The lack of liquidity and lower consumer confidence has resulted in a decline in sales and despite our efforts to overcome these challenges, the ongoing market conditions have impacted on us.’
Glenn Allison, group managing director stated ‘We have worked hard to overcome the challenges and minimise the impact of market conditions. We deeply regret that redundancies may be required at this time. We will do everything we can to support those employees affected and all other employees in our business while continuing to provide the highest quality standards of service to our customers.’
Eurofound (2008), Stewart Milne Group, Internal restructuring in United Kingdom, factsheet number 66913, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66913.
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