Catering equipment supply giant Nisbets has started a restructuring programme across the business which will see up to 800 job losses as it seeks to adapt to the post-coronavirus climate.
With approximately 2,000 employees worldwide, these moves could in effect cut the Bristol-headquartered firm’s workforce by up to 40%.
The company will seek to reduce costs in the face of unprecedented market pressures as well as to ensure it is in a strong position to meet the changing needs of hospitality providers.
As part of this process, the company has started a 45-day consultation period with employees across all areas of the business on potential redundancies. Though Nisbets is aiming to retain as many jobs as possible, it stated that redundancies will come from all levels of the business and the final number will be subject to the consultation period.
The restructure comes as the hospitality sector has been one of the hardest-hit industries as a result of Covid-19 with tens of thousands of restaurants closing their doors in March.
Nisbets is intending the new restructure to go hand-in-hand with a renewed strategic focus across the whole business on meeting rapidly changing customer needs in the hospitality market.
The dealer is aiming to streamline its trading model in response to lower demand, understand its customers’ changing needs, and develop and launch new products rapidly. Over recent weeks, Nisbets has launched over 100 new products as it looks to support customers looking to reopen their doors.
Peter Sephton, senior board director of Nisbets, said: “Nisbets is a strong business but we are sadly not immune to the extreme difficulties that are facing the whole of the hospitality industry right now.
“In the face of reduced demand and historically challenging trading conditions, we are undertaking a new restructuring process. Sadly, we have begun a 45-day consultation period with colleagues across the whole business on potential redundancies and anticipate up to 800 job losses.
“These are difficult decisions being taken in unimaginable circumstances, but our priority during this process will be to treat everyone with dignity, fairness and respect. Throughout the consultation, our aim is to safeguard as many jobs as possible.”
He feels: “What has always made Nisbets successful is our energetic focus on our customers. We are known for listening to the market and developing innovative new products in response.
“Even in this difficult environment, many of our customers are reinventing themselves and changing their proposition. As we go into the most difficult period the business has faced, meeting these new needs now and in the future by launching new products will be the key to our success, and I’m confident this new, streamlined operating model will help us to do that.
“In this rapidly changing environment, quick decision making is vital and a streamlined management structure will enable us to meet our customers’ demands quickly. By leveraging our entrepreneurial DNA and focus on customers, we will continue to make a strong business even stronger.”
The latest development follows Nisbets cutting its global CEO role at the beginning of this month, which saw incumbent Klaus Goeldenbot leave the business after over 2 years in charge. Peter Sephton then stepped up to take an active role in supporting the country leads.