Workers at RAC Motoring Services in Great Park Road, Bradley Stoke, heard today that the company has been sold to US private equity firm Carlyle Group for £1 billion.
Current owner Aviva, which bought the RAC for £1.1 billion in 2005, said in a press release that the sale supported the company’s strategy to focus on insurance and savings businesses in its priority markets.
A report on The Guardian website says the company refused to comment on job losses, although sources close to the firm said the takeover would not lead to redundancies.
The Unite union said Carlyle had given assurances that the sale of RAC would ensure “the workforce is protected, terms and conditions will be maintained and, crucially, all the pensions arrangements will be preserved”.
The paper recalls Permira’s acquisition of the AA in 2004, which was heavily criticised by unions for loading the company with debt, leading to 3,400 job losses.
Do you work at the RAC in Bradley Stoke? Leave a comment on this story to let us know what you have been told about the deal.
