Further job cuts at P&O likely

Further job cuts seem likely at beleaguered P&O ferry business after the group chairman, Lord Sterling, announced a strategic review following the publication of an annual operating loss of £40m (€59m).

About 600 redundancies are already being made as part of an earlier cost-cutting initiative, and P&O now says further restructuring is likely.

Lord Sterling said the 600 staff already being let go were leaving on a voluntarily basis and that there would be full consultation with employees and unions before any further changes were made.

A few days ago P&O said it planned to close its ferry route to Dublin from Mostyn, Flintshire and that it is to sell off part of its Irish Sea business to Stena, its rival ferry operator.