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NEC Group to cut 450 jobs as revenues plummet

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NEC Group to cut 450 jobs as revenues plummet Empty NEC Group to cut 450 jobs as revenues plummet

Bài gửi by chanchai on Mon Nov 02, 2020 11:23 am

NEC Group to cut 450 jobs as revenues plummet _113667996_gettyimages-1208461693
About 450 jobs are to be cut at the NEC Group which has reported "almost zero revenue" due to coronavirus.
The Birmingham-based firm runs five venues including the National Exhibition Centre, Resorts World Arena and International Convention Centre.
Proposed redundancies equate to 55% of its permanent workforce.
The group said the decision had been "extremely difficult", but it had no option but to "reduce our cost base significantly".
NEC Group to cut 450 jobs as revenues plummet _114576420_95e46167-5d55-4e13-9467-bb9f1c2ba053
Before the pandemic, it said annual revenues stood at £160m, but these had dropped to almost nothing since mid-March and the group had
also been unable to access the government's Job Support Scheme.
Bosses were hoping to reopen for trade exhibitions and conferences from the start of this month, with strict safety measures in place,
but this has been prevented due to new restrictions.
Paul Thandi, the group's CEO, said it was "a major blow".
Without being able to access emergency funds from the government, the business was in an "unsustainable position," he said.
NEC Group to cut 450 jobs as revenues plummet _111750639_evjfvibu4aa7mss
NEC Group said it employed 829 full-time equivalent (FTE) and 1,500 permanent staff,
as well as supporting 29,000 (FTE) roles in the supply chain.
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chanchai

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