Building materials supplier SIG closes UK, Ireland trading sites
By Michele Maatouk
Date: Monday 30 Mar 2020
(Sharecast News) - Building materials supplier SIG said on Monday that it has temporarily closed its UK and Ireland trading sites, as it announced further cost saving measures to help the company weather the coronavirus outbreak.
SIG noted that since its last update on 26 March, large parts of its UK market have seen sales fall away "rapidly", in line with the broader construction industry. As a result, the company concluded its was "necessary and appropriate" to temporarily close down its UK operations, specifically the distribution and roofing businesses.
In addition, further restrictions announced on Friday by the Irish Government have led to the suspension of construction activity there and the temporary closure of SIG's trading sites.
"However, we will remain open to service critical and emergency projects, such as for the NHS, energy and food sectors, as well as for safety reasons and to ensure that there is an orderly closure programme," it said.
"We will be reviewing government guidance and measures to support business continuity, as well as market conditions, continuously and will re-open as soon as we can."
SIG welcomed the introduction of the UK Government's Coronavirus Job Retention Scheme and said it will ensure its UK colleagues continue to receive a proportion of their pay during a period of furlough. Similar government assistance to retain jobs in Ireland is also welcome, it said.
Nevertheless, it is asking its employees to take a pay cut for now and said all board members will take a 50% cut in pay from 1 April.
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