Kuoni parent sets out wide-ranging cost reduction measures

Chief executive Derek Jones will lead the efforts, taking a voluntary 30% pay cut, while staff have been encouraged to “come together” and consider 20% pay reductions, unpaid leave and voluntary redundancies.

The company has also taken immediate steps to reduce costs, which include cutting marketing spend, cancelling outdoor events and negotiating lease agreements on its stores.

“We will come through stronger at the other side,” Jones told staff on Thursday (19 March).