First Choice Jobs
First Choice Jobs
Join Date: May 2000
Location: UK
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Over half will be in the UK. Expected that in Air 2000 admin. and engineering will suffer along with pilots and cabin crew.
Pilots have been asked to volunteer interest in reduced pay or extended career breaks. Should know what level of proposed redundancy in the pilot workforce is due tommorrow.
General feeling is that we will all pull together to keep the company afloat, but if this is an accountants p*** take then feelings will be running very high.
Pilots have been asked to volunteer interest in reduced pay or extended career breaks. Should know what level of proposed redundancy in the pilot workforce is due tommorrow.
General feeling is that we will all pull together to keep the company afloat, but if this is an accountants p*** take then feelings will be running very high.
Join Date: May 1999
Location: England
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LONDON (AFX) - First Choice Holidays PLC said it is cutting 10 pct of its workforce, amounting to 1,100 jobs, in a bid to cut costs as it restructures its operations in line with falling demand.
First Choice said its performance before Sept 11 was in line with market expectations but the US attacks have resulted in costs of 10 mln stg across the business for the period to end-October.
The restructuring programme aims to save 20 mln stg a year.
The overhaul will lead to an exceptional charge of 9 mln stg.
But, First Choice said, its balance sheet remains robust, including over 200 mln stg cash along with a new three-year 210 mln stg banking facility.
Commenting on current trading, the group said load factors in its UK and Ireland division are being maintained above an average of 96 pct for current operations.
But it plans to scale down its operations for both the coming winter and next summer.
In the UK and Ireland division, winter 2001 capacity for the first half of the season to January has been reduced by 15 pct while summer capacity is being cut by 20 pct.
First Choice said it will scale down its Air 2000 fleet from 32 aircraft to 28 aircraft with a further two aircraft due to return to the lessors in March 2002 cutting the fleet to 26.
The European Specialist Businesses Division has cut capacity by some 40 pct for the first half of the winter, in light of its focus on the Eastern Mediterranean.
The Canadian business has faced difficult market conditions in recent years and has not been a significant contributor to the overall profitability and will cut capacity by up to 40 pct for the first half of the Winter.
First Choice Marine Division is cutting capacity by 10 pct with the deferral of deliveries of new yachts.
Chief executive Peter Long said: "The restructuring of our business and the cost benefits this will generate mean that we are well placed and in a strong position to take advantage of the return to normal market conditions once they occur."
He said the flexibility First Choice enjoys, in terms of overhead structure, accommodation commitment and fleet size, affords the ability to rebase operations and cost structures in line with anticipated changes in demand.
First Choice said its performance before Sept 11 was in line with market expectations but the US attacks have resulted in costs of 10 mln stg across the business for the period to end-October.
The restructuring programme aims to save 20 mln stg a year.
The overhaul will lead to an exceptional charge of 9 mln stg.
But, First Choice said, its balance sheet remains robust, including over 200 mln stg cash along with a new three-year 210 mln stg banking facility.
Commenting on current trading, the group said load factors in its UK and Ireland division are being maintained above an average of 96 pct for current operations.
But it plans to scale down its operations for both the coming winter and next summer.
In the UK and Ireland division, winter 2001 capacity for the first half of the season to January has been reduced by 15 pct while summer capacity is being cut by 20 pct.
First Choice said it will scale down its Air 2000 fleet from 32 aircraft to 28 aircraft with a further two aircraft due to return to the lessors in March 2002 cutting the fleet to 26.
The European Specialist Businesses Division has cut capacity by some 40 pct for the first half of the winter, in light of its focus on the Eastern Mediterranean.
The Canadian business has faced difficult market conditions in recent years and has not been a significant contributor to the overall profitability and will cut capacity by up to 40 pct for the first half of the Winter.
First Choice Marine Division is cutting capacity by 10 pct with the deferral of deliveries of new yachts.
Chief executive Peter Long said: "The restructuring of our business and the cost benefits this will generate mean that we are well placed and in a strong position to take advantage of the return to normal market conditions once they occur."
He said the flexibility First Choice enjoys, in terms of overhead structure, accommodation commitment and fleet size, affords the ability to rebase operations and cost structures in line with anticipated changes in demand.
