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Who owns P&O Ferries? When DP World bought the firm and why P&O Cruises is unaffected by cuts announcement
P&O Ferries is owned by DP World, a logistics company based in Dubai that bought the firm for the second time in 2019
P&O Ferries fired 800 members of staff on Thursday, sparking outrage from politicians and workers alike.
Unions threatened legal action against the firm, describing the move as “one of the most shameful acts in the history of British industrial relations”.
The operator said it has suspended ferries for “for the next few days,” and that crew members will be given “enhanced” compensation packages.
Transport minister Robert Courts later said that passengers should expect disruption to ferry routes in coming days, with P&O likely to suspend all services for as long as 10 days.
Workers have staged sit-in protests on board grounded ships, with coaches carrying agency workers hired to replace them are parked near ships at ports.
DP World bought the company back from Dubai World in February 2019, having initially owned it for a short time in 2006.
P&O began operating ferries in the 1960s – the cruise line P&O Cruises is unaffected by the developments as it is a separate business owned by Carnival UK.
DP World was criticised for paying a £270 million dividend to shareholders at the end of April 2020 while P&O Ferries cut around 1,100 jobs as demand for travel collapsed due to the coronavirus pandemic.
In its statement, P&O said that its parent company had been covering £100 million of losses year on year, which it described as “not sustainable”.
P&O Ferries is owned by DP World, a logistics company based in Dubai that bought the firm for the second time in 2019
P&O Ferries fired 800 members of staff on Thursday, sparking outrage from politicians and workers alike.
Unions threatened legal action against the firm, describing the move as “one of the most shameful acts in the history of British industrial relations”.
The operator said it has suspended ferries for “for the next few days,” and that crew members will be given “enhanced” compensation packages.
Transport minister Robert Courts later said that passengers should expect disruption to ferry routes in coming days, with P&O likely to suspend all services for as long as 10 days.
Workers have staged sit-in protests on board grounded ships, with coaches carrying agency workers hired to replace them are parked near ships at ports.
Who owns P&O Ferries?
P&O Ferries is owned by DP World, a logistics company based in Dubai and owned by the prominent Emirati businessman Sultan Ahmed bin Sulayem.DP World bought the company back from Dubai World in February 2019, having initially owned it for a short time in 2006.
P&O began operating ferries in the 1960s – the cruise line P&O Cruises is unaffected by the developments as it is a separate business owned by Carnival UK.
DP World was criticised for paying a £270 million dividend to shareholders at the end of April 2020 while P&O Ferries cut around 1,100 jobs as demand for travel collapsed due to the coronavirus pandemic.
In its statement, P&O said that its parent company had been covering £100 million of losses year on year, which it described as “not sustainable”.
