UK: Further staff cuts on Kyndal cards - reports
Staff at the Scotch whisky group Kyndal are bracing themselves for further cutbacks, according to reports in the Scottish press. The layoffs will come once a strategic review, which is currently nearing an end, is completed.
Two months ago, the company commissioned consultants Bain & Company to conduct a strategic review of the group, which is struggling with more than £200m of debt. Though an announcement of the review is not expected until later in July chairman of Kyndal Vivian Imerman said early this week that there was "inevitably, and regrettably, some fall-out that comes from reviews such as these."
Humans resources director Allan Mackie and operations director Ian Palmer have already lost their jobs.
Industry sources are waiting to see how the review will affect Kyndal's strategy towards its own-label business. Some have suggested the company will be forced to sell part or all of that side of its operations.
But Imerman said: "I am not going to pre-empt Bain's findings. However, I can confirm that Kyndal pulling out of own-label is not on the cards.
"Everyone is well aware of the pricing pressures in own-label, but it is still a valuable part of our company and one which we will continue to develop."
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