Pace jobs to go in pounds 5m cost cuts
Tuesday 03 February 1998
The company has started talks with employee representatives about the move, which would reduce its workforce by 15 per cent. About 90 of the redundancies are likely to fall in the UK. A final decision will be made in February.
Malcolm Miller, Pace's newly appointed chief executive, decided to act after the company last month unveiled a disastrous pounds 11.8m interim operating loss. The shortfall was the result of falling profit margins on the company's decoders and a pounds 10m provision to cover legal claims and stock write-offs.
- Peter Thal Larsen
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