P&O Ferries has announced plans to cut 1,100 jobs after reporting a severe downturn in demand.
The cuts, affecting more than a quarter of the group’s workforce, come after the firm’s owner, the Dubai-based DP World, had been seeking about £150m in UK government aid. The firm has also received some further government assistance via a freight scheme announced by the Department for Transport last month, although P&O would not reveal how much the support was worth.
DP World said it would be paying its investors about £270m in dividends.