Stock exchange boss in Christmas job loss row
GUERNSEY-BASED multi-millionaire venture capitalist Jon Moulton has been criticised as more than 2,700 staff faced redundancy over Christmas.
Mr Moulton, pictured, who led the rebrand and restructure of the Channel Islands Stock Exchange into the Channel Islands Securities Exchange, put the loss-making City Link parcel delivery firm into administration after the final deliveries had been made on Christmas Eve.
Administrators were called in that day, but many of the 2,727 staff heard the news via the media on Christmas Day.
It is expected that most will be made redundant on New Year's Eve with a few hundred retained for up to three months to wind the business down.
Mr Moulton, who is also chairman of States-owned airline Aurigny, bought City Link through his investment firm, Better Capital, for £1 last year.
It invested £40m, but administrator Ernst & Young said City Link had incurred substantial losses over several years and the money could not help it turn the firm around.
RMT union general secretary Mick Cash launched a scathing attack on the timing of the announcement and the way in which workers had to find out about the job losses.
