The loss of hundreds of jobs in Wrexham has been raised in Parliament by Ian Lucas MP, who is calling for an urgent debate over ‘predatory’ business takeovers.
Mr Lucas spoke in the Commons today about the plight of about 300 workers at finance firm Refinitiv, based at the Redwither Tower on Wrexham Industrial Estate.
Staff were informed yesterday that the office is to close, with their work being transferred to Bangalore in India. Previously known as Avox, the company only began trading as Refinitiv after US-owned investors Blackstone took a majority share in the business.
TR came running to me for help earlier this year. I responded immediately. Their conduct now is quite appalling. https://t.co/hGfTZVyxSP
— Ian Lucas MP (@IanCLucas) October 10, 2018
Speaking during Business Questions today, Mr Lucas asked for an ‘urgent debate on predatory business takeovers’.
He said: “Yesterday, 300 of my constituents in Wrexham were made redundant having, in the last 10 years, taken forward a business originally called Avox then DTCC. But now a company called Refinitiv has taken the business over and immediately made 300 people redundant, and off-shored the jobs to India.
“Can we have an urgent discussion of these appalling practises in business which put people on the scrapheap when they have worked so hard for so many years?”
— Ian Lucas MP (@IanCLucas) October 11, 2018
Andrea Leadsom MP, leader of the House of Commons, said the news was ‘concerning’ and encouraged Mr Lucas to take up the matter at next Tuesday’s business oral questions session.
The Wrexham MP said he was ‘shocked’ to hear of the job losses and has contacted the company to express his disappointment and ask for further information. He says he feels Refinitiv will regret ‘casting aside’ such a loyal and skilled workforce.
Wrexham’s Assembly Member Lesley Griffiths has also commented today, saying: “I am shocked and extremely disappointed not only by Refinitiv’s decision but also by their conduct and the way this announcement has been communicated to its loyal workforce.”
“The company, under its various guises, had worked hard to embed itself in the local community but this decision has completely undermined their previous actions.”
“I have great sympathy for all the staff and I am hoping to speak with the company’s Managing Director as soon as possible.”
Anger has also spread as it emerged after the announcement yesterday that some workers were in India when they heard the news, and we have been told that over 100 staff in Bangalore are being trained by staff from Wrexham.
Yesterday afternoon we reported how a redundancy consultation has been announced for the whole Wrexham site site, where approximately 300 people work.