500 staff – and Britvic chief – face axe in merger with AG Barr
Thursday 15 November 2012
Up to 500 staff will lose their jobs over the next three years after AG Barr's £1.5bn merger with struggling Britvic, the companies have admitted.
The deal, which brings together brands such as Irn-Bru, Rubicon, Fruit Shoot and Robinsons, will create one of Europe's biggest soft drinks companies, with a 14 per cent share of the UK market.
The £35m in annual savings pencilled in as a result of the deal will see 8-12 per cent of the companies' combined 4,300 staff lose their jobs.
AG Barr's chief executive, Roger White, who will lead the new company, said the jobs will go in "corporate activity" – likely back-office staff and management.
"What we are creating here is something that will create strong growth over the long term," he said.
The new company will be called Barr Britvic Soft Drinks, with current Britvic investors holding 63 per cent of the shares and AG Barr investors 37 per cent. The current Britvic chief executive, Paul Moody, will leave the group.
Britvic began in the mid-19th century as the British Vitamin Products Company, using the Britvic name from 1949. AG Barr was founded in Scotland in 1875 and began selling Irn-Bru more than a century ago.
The tie-up will help AG Barr's push into the South.
- 1 Husband creates spreadsheet detailing wife's 'excuses' for turning down sex
- 2 UK pirates will get four warning letters a year
- 3 Saneie Masilela, 9, marries Helen Shabangu, 53 years his senior, for the second time
- 4 Time runs out for Christian Iraq: Isis deadline passes with mass flight
- 5 Why I'm on the brink of burning my Israeli passport
Saneie Masilela, 9, marries Helen Shabangu, 53 years his senior, for the second time
Time runs out for Christian Iraq: Isis deadline passes with mass flight
Miley Cyrus death hoax: Fans distraught after Facebook scam goes viral and she doesn't tweet for three days
Malaysia Airlines MH17 crash: France and Germany accused of going soft on Putin as sanctions talks stall
Israel-Gaza conflict: Deadly flechette shells 'used by Israeli military in Gaza Strip’
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
Malaysia Airlines MH17 crash analysis: A tragic lesson of advanced weapons in the wrong hands
- < Previous
- Next >
iJobs Money & Business
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...
£40000 - £50000 Per Annum: Clearwater People Solutions Ltd: Business Analyst r...
£500 - £550 per day: Orgtel: BA/PM - Client Data London (Greater)