The Coryton oil refinery in Essex, which was placed into administration by its Swiss owner Petroplus in January 2012, is set to close within three months. Around 350 contractors work at the plant, which supplies 20% of fuel in London and the South East, and a further 120 people work at Petroplus sites in Teesside and Swansea which are both “likely” to be “impacted” by the decision. Administrators have confirmed that it is expected there will be “substantial” redundancies.
It seems that administrators PwC found the task of raising £625m needed to fund the refinery too difficult, although discussions regarding a possible sale will continue. Commenting, a Unite union official linked to the Coryton refinery said the closure was a “massive blow” to the local community.
If your company is facing the prospect of having to make redundancies, ensure that you follow the correct procedures with the help of these professionally written template redundancy documents.