P&O Ferries has laid off all UK employees after grounding its fleet and suspending all services.
the 800 employees were laid off with immediate effect.
Who owns P&O?
Although originally a UK company, P&O Ferries was sold in 2006 to DP World, an international Emerati logistics company based in Dubai.
Shortly thereafter, it was taken over by the investment company Dubai World.
Then, in February 2019, DP World bought back P&O Ferries from Dubai World in a deal estimated to cost £322million.
P&O, which employed 1,700 people in 2020, has suffered sustained financial losses of “£100m yoy”, according to a P&O statement released on the day of 2020 mass layoffs.
A statement released on March 17, 2022 said: “We are issuing immediate redundancies to 800 seafarers and will compensate them for this lack of advance notice with enhanced pay packages.”
What does P&O stand for?
P&O is short for The Peninsular and Oriental Steam Navigation Company.
It was founded in 1837 by London shipbroker Brodie McGhie, former Royal Navy employee Arthur Anderson and Dublin shipowner Captain Richard Bourne.
The company received orders to transport mail across the sea.
This included a government contract to transport the valuable cargo between Falmouth, Vigo, Porto, Lisbon, Cadiz and Gibraltar.
The first P&O ship was named William Fawcett and owned by Richard Bourne.
It traveled on routes from London to Spain and Portugal in 1835.
What routes does P&O Ferries use?
Before suspending services and recall his ships to portP&O operated a wide range of ferry routes across the UK, Ireland and Europe.
P&O Ferries normally operate routes such as Cairnryan in Wales to Larne in Northern Ireland, Hull to Rotterdam and Liverpool to Dublin.
And the Dover to Calais route is popular with holidaymakers and the freight industry.
On Thursday, March 17, 2022, P&O announced its website that there will be “significant disruptions” in the next few days.
The company claimed that those traveling on the Dover to Calais route should arrive as planned at ports where alternative transport could be arranged, but some travelers are still stranded in Calais and Dover.
https://www.thesun.ie/travel/8520005/po-ferries-who-owns/ Who owns P&O and what does it stand for?