Private Equity Managing Partners Stand To Get £300 Million >From The AA Sale
GMB to seek urgent talks with new owners to resolve Trade disputes at the AA
25 Jun 2007
Paul Maloney, National Secretary for GMB, commenting on reports that the AA has been sold for £3.4 billion said "By our reckoning, the managing partners in Permira and CVC stand to make £300 million having owned the AA for less than 3 years. The Chief executive, Tim Parker, we reckon will get £80 million out of this deal. This shows the extent to which we have entered into a Casino economy. This money was made on the back of 3,500 sacked workers, cuts in the pay of the call centre staff, the elongation of the working day for the patrols and a decline in the service to the customers. GMB will want to talk to the new owners, SAGA, about reversing these cuts and getting back to reasonable working hours and improving services for the customers."
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Contact: Paul Maloney, GMB National Officer on 07801 343839or GMB Press Office: Steve Pryle on 07921 289880 or Rose Conroy on 07974 251823
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