Nisbets has confirmed the redundancy of 437 staff after concluding its restructuring process.
In May, the company originally anticipated that as many as 800 jobs would be lost, but has managed to save 263 additional jobs as its new customer strategy begins to take effect and trading conditions gradually improve.
The company says its multi-channel reach across three continents and range of products and brands, many of them proprietary to Nisbets, has enabled it to mitigate the downturn better than expected and minimise the total number of job losses from the 800 originally expected.
In the face of unprecedented trading conditions, Nisbets began its restructuring process to best fulfil the new and emerging needs of hospitality providers during and post lockdown.
Today marks the end of that process which will see the business decentralise its trading model across the group. The company is aiming to renew its customer focus, understanding market needs and rapidly responding to them by launching new products to support its customers.
Since May, the company has launched over 300 new products to support hospitality providers as they continue to adapt to current times.
Peter Sephton, vice chairman of Nisbets, said: “This is a sad and tough day for the business as we lose many hardworking and dedicated colleagues. The last few months have been challenging, but I am immensely proud of the whole team for how they have reacted to this unprecedented global crisis. Many have worked tirelessly throughout this crisis to re-position our business to a new normal, and we are especially grateful to them.
“Nisbets’ success has always been down to the commitment, dedication and loyalty of our colleagues, and I would like to pay tribute to those colleagues who will sadly leave the business and thank them for their service.
“As market conditions show small signs of improvement and our new trading strategy kicks in, we have managed to save over 250 more jobs than we first expected. This has only been made possible by rapidly adjusting to market needs and launching new products that are helping our customers get back on their feet.
“We are absolutely committed to serving our customers as they continue to go through an uncertain time. The new structure will enable us to better serve them with new products, delivering them reliably and quickly.
“Nisbets continues to remain a strong business and I’m confident that our new operating model, combined with a renewed focus on customer needs and the hard work of our team, will ensure the continued success of the business, even though what will continue to be a tricky and fragile trading environment over the next 12 months and more.”