Axe likely for 850 jobs at refinery as rescue plan fails
Up to 850 jobs at the bankrupt Coryton oil refinery in Essex are likely to be lost after administrator PwC announced it has failed to secure a rescue deal – despite talking to more than 100 potential investors and purchasers of the operation.
The Thames estuary refinery – which supplies a fifth of the petrol sold in London and the South-east – ran into trouble in January when its Swiss parent company, Petroplus, filed for insolvency.
The operation was thrown a lifeline in February as its administrator, PwC, agreed a three-month deal to continue operations on behalf of a consortium which included the US buyout firm Kohlberg Kravis Roberts.
However, nearly a fortnight after that deal lapsed, PwC has been unable to secure a buyer for the operation. It is now set to close, although talks with potential rescuers will continue during the three months it will take to wind the business down.
"There are likely to be a substantial number of redundancies from within the 500-strong workforce over the next few months if operations are wound down," PwC said in a statement.
Coryton also employs about 350 contractors, whose future has also been cast into doubt.
- 1 Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
- 2 James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – and warns Obama of more to come
- 3 Reading Festival 2014: Tesco branch replaces salad and potatoes for Jagermesiter and vodka
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Ferguson protests: 90-year-old Holocaust survivor Hedy Epstein ‘arrested’ by police during St Louis demonstrations
Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
Michael Brown shooting: Ferguson police shoot and kill second young black man
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – and warns Obama of more to come
Iraq crisis: Islamic State's message to America - 'We will drown you all in blood'
Ferguson: In the heartlands of America, a descent into madness
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
iJobs Money & Business
£475 - £550 per day + competitive: Orgtel: Senior Technical Accountant-Insuran...
£200 - £290 per annum + competitive: Orgtel: Sales Performance Manager, Key Ba...
£25000 - £30000 per annum + bonus+benefits+package: Harrington Starr: Junior D...
£600 - £800 per day: Harrington Starr: Java/Calypso Developer Java, Calypso, ...