NoHo Partners has completed co-operation negotiations and organisational restructuring to adjust its operations

NoHo Partners Plc

STOCK EXCHANGE RELEASE 5 January 2021 at 9:00

NoHo Partners has completed co-operation negotiations and organisational restructuring to adjust its operations



NoHo Partners Plc has completed negotiations in accordance with the Act on Co-operation within Undertakings in order to adapt its operations to the strict restrictions on the restaurant industry put in place by the Finnish Government. The negotiations were aimed at minimising the financial impacts caused by COVID-19 and adjusting the Group’s costs to correspond with the decline in volume due to the restrictions on restaurants. The negotiations concerned all of the Group’s employees in Finland, totalling approximately 1,300 employees.



The negotiations will lead to changes in the organisational structure, reductions in jobs in the Executive Team, the supervisory level and administrative duties as well as part-time and full-time temporary layoffs.



As a result of the negotiations, the Group’s organisation has been restructured primarily with regard to senior management, administration and supervisory jobs. The restructuring measures will lead to a reduction of 55 jobs as well as 15 jobs being made part-time. The reductions in jobs concern two positions in the Group Executive Team as well as management and other jobs in restaurants as well as administrative specialist positions in sales and marketing. The reductions in jobs will be achieved through voluntary arrangements and redundancies as well as the termination of employment concerning employees who are called in to work on an irregular basis.



The part-time or full-time temporary layoffs concern approximately 600 employees at present. Due to the pandemic situation and the related restrictions on operations, the option of implementing temporary layoffs will remain in effect until the end of May 2021. The exact number and duration of temporary layoffs will be specified further at a later time as the market situation develops.



More information is available from:

Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. 5



Distribution:

Nasdaq Helsinki

Major media





NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi, Friends & Brgrs and Cock’s & Cows. In 2019, NoHo Partners Plc’s turnover was MEUR 272.8 and EBIT MEUR 30.6. Depending on the season, the Group employs approximately 2,100 people converted into full-time workers.



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