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Toieman saved by cuts

11th October 1990, Page 6
11th October 1990
Page 6
Page 6, 11th October 1990 — Toieman saved by cuts
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Which of the following most accurately describes the problem?

• Toleman Automotive, the troubled car transporter group, has been rescued "from the brink of bankruptcy'' by an eleventh-hour union deal accepting 25% wage cuts for the 950 employees.

The company had been negotiating with the 'Transport and General Workers' Union since 21 September when it sought a 40% wage cut to stave off a crisis caused by ris

ing interest rates and a falling market share, The company recently lost a major contract with Land Rover to the Richard Lawson Group and was forced to shut its Solihull operation with 18 job losses, The 25% wage cut, in a formula suggested by the TGWU, will affect everyone from the managing director to clerks. Drivers on an average wage of £25,000 will lose up to 26,000.