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.
After being placed into administration on 16 June 2015, 130 workers have lost their jobs at UK construction company Longcross Group. Headquartered in Ashtead in Surry, the company employed 315 workers with offices across the United Kingdom in London, Birmingham, Derbyshire, Exeter, Oxford, Sheffield and Sidcup. While around twelve administrative staff have been retained by the administrators in the short term, they are also likely to lose their jobs. Around 30 other staff had already lost their jobs in March 2014 when the company closed its Oxford and Derby offices. More than one third of Longcross’s business was derived from the UK retail sector, including having undertaken construction contracts for major supermarkets. In the twelve months to March 31 2014, the company made a pre-tax loss of £1.25 million. It has been reported that the company failed to secure future contracts to build and refurbish a number of Sainsbury’s stores. It has also been reported that delays and cost overruns in other several other major projects contributed to the firm being placed in the hands of the administrators. It has been reported that the firm’s engineering divisions continue to trade normally.
Eurofound (2015), Longcross Construction, Bankruptcy in United Kingdom, factsheet number 83775, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/83775.
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