JOB CUTS LOOM AT MERGED CORAL-LADBROKES (Update)
Up to fifty percent of employees could face a depressing Christmas.
Employees at the Ladbrokes and Coral online and land gambling groups, which are about to merge with consequent synergistic savings, started receiving the depressing news this week that as much as fifty percent of the merged companies labour force could be made redundant by November this year.
In an email warning of the impending cuts, Gala Coral chief executive Carl Leaver observed that 600 to 700 jobs could be subject to a rationalization program, but that those unfortunate enough to be made redundant would receive between 8 and 40 weeks salary.
Leaver assured employees that the selection process of who stays and who goes will be based purely on merit, with the rationalization exercise culminating around November.
Our readers will recall that in the retail section alone the merged companies have been required by the Competitions Authority to shed up to 400 betting shops.
Headquarters staff at Ladbrokes will be moving to the Coral offices in Stratford, although a small group corporate office will be opened in London.