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Frank Hovis

Small Town Hammered By Job Losses

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Not a big place at all, the dessert factory had been going 30 years and several people interviewed had been working there all that time. Add in the 70 other jobs lost at the time and that's basically game over for the town. Bad news.

It had been owned by Heinz until 2009 when it was sold to Privet Capital, a US equity fund who don't know what they're doing http://news.bbc.co.uk/1/hi/england/devon/8355796.stm

Jobs to go at Okehampton's Polestar Foods

Polestar Production at Polestar Foods in Okehampton has halted

A Devon factory which makes desserts is to close, costing 230 jobs.

Managers at Polestar Foods in Okehampton met unions to reveal the news on Tuesday.

Workers were not paid last week and production at the site has halted. A sister factory in Warwickshire went into administration in December.

Owner Privet Capital said it would try to appoint an administrator and find a buyer in the hope that some jobs could be saved.

'Kept in the dark'

The Usdaw union said there had been cash-flow problems at the factory.

Staff said they were angry at being "kept in the dark" about problems until the announcement.

Employee Kenny Shaddick said: "I've been there 29 years. It feels like it's been a waste of time.

"It's really hit me hard."

John Crick of the Usdaw union said it was hoped "somebody will come along and give us another chance".

He said: "There is demand for this product. It's a good plant with machinery and a good workforce.

"They can make this a viable company again."

Privet Capital said it had made an exhaustive effort to keep the factory going.

The closure is the second major announcement of job losses in the town recently.

Last week it was announced 69 jobs were expected to go with the closure of Wiseman Dairy.

http://www.bbc.co.uk/news/uk-england-devon-12332457

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Factories getting pummeled by the insane inflation going on.

Inflation is so understated it's a joke , UK manufacturing is still shrinking not growing as stated in official figures.

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Factories getting pummeled by the insane inflation going on.

Inflation is so understated it's a joke , UK manufacturing is still shrinking not growing as stated in official figures.

Ever heard of Polestar?

me either.

Heinz knew what they were doing.

As for inflation, that is not the problem...Margin squeeze is the problem.

Still, this is good news for dessert makers that ARENT borrowed to the hilt...they will take up the slack...such is the cleansing of the BUST phase.

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Ever heard of Polestar?

me either.

Heinz knew what they were doing.

As for inflation, that is not the problem...Margin squeeze is the problem.

Still, this is good news for dessert makers that ARENT borrowed to the hilt...they will take up the slack...such is the cleansing of the BUST phase.

Sounds like they had long term staff - companies like this in remote outlying areas tend to.

So jobs displaced by leaner companies (read employing migrant labour, effectively jobs displacement) and inflation like we had had would have caused havoc with the margins.

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Sounds like they had long term staff - companies like this in remote outlying areas tend to.

So jobs displaced by leaner companies (read employing migrant labour, effectively jobs displacement) and inflation like we had had would have caused havoc with the margins.

while that may be the case, a leaner company does not neccessarily have to employ cheaper....DEBT is the killer normally where the market is squeezed.

you can lay off a worker if your market falls and you need to cut costs.

you cant lay off the bank.

You dont go bust by having a few spare cakes on the shelves...you go bust by running out of cash.

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So where are they making the desserts now?

I think we need to stop eating processed food ...especially that which isn't made in the UK.

Yoplait had a factory up the road from me. They made Trifles, that sort of thing. It closed 3 or 4 years ago. It must have employed at least 200 ppl. It's only just been sold off, and was bought by an industrial laundrette. It's currently being converted, and its looking to employee that sort of number of workers..

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Will provide excellent opportunities for hard working banksters to buy up some cheap property.

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while that may be the case, a leaner company does not neccessarily have to employ cheaper....DEBT is the killer normally where the market is squeezed.

Nonono, debt is exactly what we need more of to rescue situations like this.

Five years ago a dessert factory in trouble would've been ripe for takeover by some acquisition-hungry $bigco like PFD. But now that debt has gone out of fashion, that's no longer possible!

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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