Hedge fund Corvex Management is demanding Whitbread, owner of Premier Inn, be put up for sale, citing a "sleepy share price" and criticizing the company's five-year strategy for its slow returns. Corvex, holding a 7% stake, wants key parts of the plan suspended and threatens to nominate new directors if the board doesn't comply.
Whitbread, owner of Premier Inn, is cutting about 3,800 jobs and closing all remaining Beefeater and Brewers Fayre restaurants as it shifts to a pure hotel business. The FTSE 100 company will convert 197 restaurants into hotel rooms and sell £1.5bn of freehold properties. The cuts follow pressure from US activist investor Corvex and £50m extra costs from Rachel Reeves's 2025 budget.
Whitbread, owner of Premier Inn, announces 3,800 job cuts in UK and Ireland as part of a five-year plan to save £250m and overhaul restaurant operations. The company will replace restaurants at 197 hotels with an integrated food and drink model and cut £1bn from its capital building programme. Pre-tax profit fell 19% to £298m for the year to February.
Whitbread, owner of Premier Inn and restaurant brands including Beefeater and Brewers Fayre, announces 3,800 job cuts (12.6% of its 30,000 UK and Ireland workforce) due to higher costs from business rates and National Insurance increases. The five-year strategy includes converting 197 restaurants to hotel-based food and beverage offerings and selling £1.5bn of properties.
Whitbread, owner of Premier Inn, is cutting 3,800 jobs (12.6% of its 30,000 UK and Ireland workforce) citing higher costs from business rates and National Insurance increases. The cuts are part of a five-year strategy to reduce costs, with consultation underway and efforts to redeploy affected staff.
Whitbread, owner of Premier Inn, has announced plans to cut 3,800 jobs, affecting up to 12.6% of its 30,000 workforce in the UK and Ireland. The cuts are part of a five-year strategy to reduce costs and overhaul restaurant operations. The company said cuts are subject to consultation and it will endeavour to redeploy affected staff into alternative roles.
