Accrol to cut 89 jobs
The tissue manufacturer has already suspended its shares on the AIM stock exchange and is awaiting the sentencing for a major health and safety incident.Fortunes had been on the up for Accrol. It launched on AIM a year ago and both turnover and profits had been growing at an impressive rate.
But the firm's CEO of just one year left in September. Shares were suspended shortly afterwards, citing financial struggles and in anticipation of the Health & Safety Executive's punishment, which will include a fine of between £550,000 and £2.9m.The job losses represent a significant portion of the Accrol workforce, which was previously 535 employees.
An Accrol statement read: “During the operational review currently being undertaken at Accrol Papers, it has been identified that a number of significant improvements should be made to the operational cost base of the business.“As a result and with regret, the management has today announced a proposed reduction in headcount, totalling 89, across the business.”