Several hundred people’s jobs look set to be lost at an international company that operates from Wrexham Industrial Estate.
Update 6:20pm: Local MP Ian Lucas has said: “I am shocked and disappointed by the way a loyal and skilled workforce is being cast aside and have communicated my opinion of the business direct to them this afternoon.
“I do hope they carry out their statutory obligations from now on, and I think they will come to regret treating loyal employees in this way.”
Update 5:30pm: Refinitiv has given us a statement that says ‘we intend to close our site in Wrexham’, “As Refinitiv stands up as a new, standalone organisation focused on financial markets, we want to ensure that we have the right people in the right places to drive results for our customers in a highly competitive environment. As a result we intend to close our site in Wrexham.
“We recognise the impact this would have on the Wrexham community and we are in close dialogue with our Wrexham-based colleagues and their representatives. We are committed to ensuring those affected are properly supported through this process.”
Original information below…
The former Financial & Risk business division of Thomson Reuters, rebranded to Refinitiv following a ‘strategic partnership transaction’ with a private equity fund earlier this year, operates from Redwither Tower.
We are told a redundancy consultation has been announced for the whole site, where approximately 300 people work. The shock announcement came earlier today when staff were made aware of the news, and then sent home for the afternoon.
One staff member told us: “Some minor departments like IT are going to other parts of the UK. But the bulk of what we do in Wrexham is ‘likely’ going to Bangalore in India.”
The announcement to staff has been described to us as ‘poorly planned’ and as a result ‘turned hostile almost immediately’.
Information believed to be from Refinitiv states “…on Tuesday 9 October the company commenced consultation in the UK over proposed headcount reductions. Consultation will last a minimum of 45-days. After an initial period of collective consultation, individual and group notifications will commence Monday 15 October.”
“In accordance with the Job Reduction Procedure, all proposals will be subject to both collective consultation with union and employee representatives and individual consultation with those employees directly impacted.”
In what appears to be a worldwide move jobs are also thought to be under threat in America, Canada, Lebanon and Dubai.
We asked Wrexham Council (who own Redwither Tower) if they were aware, and if they were able to comment.
Cllr Terry Evans, Lead Member for Economic Development and Regeneration, said: “News such as this is, of course, incredibly sad, and we hope that all those staff made redundant by Thomson Reuters are able to find jobs elsewhere. However, even in the event that every member of staff finds comparable work in the Wrexham area, it is always sad to hear of companies outsourcing work elsewhere.
“Staff at our business team will be getting in contact with Thomson Reuters to discuss redundancy support for all those workers now facing difficult times.”