SPAIN - Candover-run company faces staff slashes

The rally was called by the company's staff commitee, made up of labour unions CCOO, UGT and USO. It aimed to protest against the forecast restructuring of the park's running, which would put more than 30 jobs in jeopardy.

A second protest is planned for November 15, when workers plan to gather at the Assembly of Madrid. Apparently, the company's commitee has blamed Madrid's government for the slashes, as it did not guarantee jobs would be secured when it sold its majority shareholding to private investors.

The news that Parque Warner's management plans to make the company's operations leaner clashes with reports from a couple of months ago, when future plans for the company reportedly included the implementation of shops, hotels and a water park within its 600,000 square metres of land.

The company’s shareholders, Fadesa holding a 73.8% stake, Caja Madrid holding 21.8% and El Corte Inglés holding 4.4%, replaced the Government of the Community of Madrid at the end of 2006. It is understood that the agreement between the park’s owners and Parques Reunidos at the time included a share purchase option, which can be used after five years of management.

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