Wednesday, January 15, 2025

Investor briefing on Private Credit and ‘fire and rehire’ - The Oscar Mayer dispute and Pemberton Asset Management (Thursday 16 Jan)

 

Tomorrow (Thursday 16 Jan) I will be moderating an online investor briefing on Private Credit and ‘fire and rehire’ - The Oscar Mayer dispute and Pemberton Asset Management. 

"Oscar Mayer is a food production business that makes ready meals sold in supermarkets across Britain. It is majority owned and controlled by Pemberton Asset Management, a private credit manager which took over the company in 2023.

550 Unite members working in Oscar Mayer’s Wrexham factory are taking strike action against a fire and rehire scheme imposed by management. Oscar Mayer management have already sacked 30 Unite members to force through savage cuts to terms and conditions.
  
Management is forcing through new contracts that reduce workers’ time off the production line to just two short breaks a day. Under the new contacts, workers won’t be paid for this time.  Overtime for working on bank holidays is also being taken away. All told, the changes will cost workers up to £3,000 a year each. 

Given its ownership, it is clear Pemberton has the capacity to intervene. Unite is calling on pension funds and other asset owners to make no further allocations to Pemberton until the dispute is resolved. Already Clwyd Pension Fund has confirmed it will be making no further allocations.

Unite has additionally submitted a complaint against Pemberton under the PRI’s Serious Violations Policy asking that it be removed as a signatory.

Please join us to hear more about the dispute this Thursday at 4pm UK. The meeting will be moderated by John Gray, trade union representative on London CIV, and include a contribution from Councillor Anthony Wedlake from Wrexham who is a member of the Clwyd pension committee".

Topic: Oscar Mayer dispute and Pemberton Asset Management
Time: Jan 16, 2025 04:00 PM London

Join Zoom Meeting 
Meeting ID: 928 9208 0496 
Password: 798521 
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