logo
English Heritage plans up to 200 redundancies and winter closures of some sites

English Heritage plans up to 200 redundancies and winter closures of some sites

Yahoo30-01-2025

Staff at English Heritage have been shocked to discover that the cash-strapped organisation is planning up to 200 redundancies and the winter closure of various castles, abbeys and other historic sites in its care.
At least 7% of the workforce could be affected, with curators being particularly targeted, it is believed.
Under the cuts, 22 sites will become 'hidden gems', opening only on specific and limited days. They include properties as significant as Ranger's House in Greenwich, London, a Georgian villa with an important art collection, where part of Netflix's popular television series Bridgerton was filmed.
A further 21 sites will be closed for winter. They include Lullingstone Roman Villa in Kent, begun in about AD100 and among the most outstanding examples in Britain; Totnes Castle in Devon, built 900 years ago during the Norman conquest, almost certainly by one of William the Conqueror's commanders; and Furness Abbey in Cumbria, once the largest monastery in north-west England, founded in the 12th century.
'This is seriously worrying,' one insider said.
There are also fears for the demise of irreplaceable experience as experts could be made redundant or have some of their responsibilities handed over to a new layer of managers.
One insider said staff were dismayed and that a colleague was in tears after last week's meeting about the organisation's 'reshaping'. 'All of our jobs are basically at risk. They won't tell us an exact number, but it's affecting virtually every department. Sacking so many people is unbelievable.'
Another source said: 'We think we are talking 150 full-time equivalent redundancies – potentially up to 200 actual people.'
English Heritage cares for more than 400 historic monuments, buildings and places. Since it is a charity, it does not receive a government grant, relying instead on membership, tickets and sales in its shops and cafes. It has 2,535 employees and more than 5,000 volunteers.
Staff understand that the new structure will be in place in April.
A source said among those invited to the meeting were three London curators who are on maternity leave: ' Basically, the whole thing has just been handled so badly.'
Curators fear that responsibilities for 'collection management' and 'interpretation' – will be transferred to younger – and cheaper – 'collection managers' brought in to oversee them.
A source said: 'That means getting rid of people who are extremely skilled, but who would require more money. Adding a new team of managers is going to add to the bureaucracy, layers of managers who are not necessarily art experts. I believe in giving young people opportunities, but they'll basically just employ people with absolutely no skills to fill these gaps and pay them probably peanuts. It's not right.'
Prospect and the PCS, the unions that represent the heritage sector, are concerned.
Steve Thomas, Prospect's deputy general secretary, said: 'Staff at English Heritage will be understandably worried about their future after hearing this news and worried about the future of the historic sites they work so hard to keep open to the public.
'We have been working with the employer to minimise redundancies … We recognise that the financial situation is difficult. But it is also true that the skilled and dedicated staff who keep our history alive are the very heart of this organisation. Losing these skills and this experience would damage our heritage as much as losing the sites themselves.'
Fran Heathcote, the PCS's general secretary, said: 'We stand committed to protecting the jobs and livelihoods of our members … [who play] a key role in the vital task of preserving English history.'
An English Heritage spokesperson said: 'All organisations need to review their structure from time to time and English Heritage has not done so for several years. In that time, our world has changed dramatically. The pandemic and its aftermath led to lasting changes in visitor expectations and behaviour, both domestically and internationally, while many of our visitors and members are facing challenges with the cost of living.
'High inflation has increased the cost of conservation work at our sites, but significant and ongoing expenditure is still required if the condition of the sites in our care is not to deteriorate.
'The aim of these proposals is to ensure that English Heritage is financially resilient and can fulfil our charitable purposes . We're committed to working with our employees and our trade unions to find ways to avoid and reduce redundancies where we can … Under these proposals, we will continue to have a team of more than 75 expert curators, historians and conservators.'
He added that to exclude those on maternity leave from consultation would be unlawful.
He argued that a reduction in opening hours would affect 'a relatively small number' of sites, some of which attract few visitors during the winter months: 'For instance over one weekend in November, a number of these sites only welcomed 11 visitors.'
He added that 22 of the other smaller sites would have special guided tours and temporary exhibitions to 'provide a richer experience than what we currently offer'.
Nothing will be confirmed until after a formal consultation period.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Why Netflix Should Replace Tesla in the "Magnificent Seven"
Why Netflix Should Replace Tesla in the "Magnificent Seven"

Yahoo

timean hour ago

  • Yahoo

Why Netflix Should Replace Tesla in the "Magnificent Seven"

Tesla has been a huge winner for investors over the long haul, but the business is dealing with notable issues these days. Netflix continues to report double-digit percentage revenue growth and impressive profitability as it leads the streaming industry. The "Magnificent Seven" isn't an official index, but Netflix deserves to be included over the EV maker. 10 stocks we like better than Netflix › Looking back over the past decade and beyond, I don't think there are many folks out there who would deny just how impressive Tesla's success has been. This innovative business, led by polarizing CEO Elon Musk, disrupted the global auto industry with its electric vehicles (EVs). While the EV stock trades 32% below its peak (as of June 10), that's still a gain of 1,810% in the past 10 years. That long-term performance made it one of the world's largest tech companies, which is why Bank of America analyst Michael Hartnett gave it a spot in the "Magnificent Seven" when he introduced the idea of the group in 2023. However, I think it's time to swap the EV maker out of this unofficial grouping and replace it with the more-deserving Netflix (NASDAQ: NFLX). Over the years, Tesla shareholders grew used to seeing the company register jaw-dropping sales growth. The picture isn't so rosy anymore, though. Its automotive revenue declined 20% year over year in Q1. In 2024, it reported its first-ever year-over-year drop in deliveries. And the company's profitability has continued to slide as higher interest rates and a more competitive environment have put downward pressure on demand for its vehicles. Musk's push in the political arena might at first have been viewed positively by some investors, as he was positioning himself to have more influence in Washington, D.C., which could have benefited Tesla from a regulatory perspective. But both his time in President Donald Trump's inner circle and his more recent exit from politics, as well as his highly public spat with Trump, have been huge distractions that have certainly damaged Tesla's brand instead. It's safe to say that a company that was once in the fast lane is now stuck in traffic. Tesla will have a lot of work to do in order to get back to its prior glory. While Tesla faces a battle to get itself back on track, Netflix continues to flourish. The streaming stock is up 1,200% in the last decade. The company added 41 million net new customers in 2024, bringing its total to nearly 302 million at year's end. While Netflix chose to stop publicly reporting the number of subscribers it has starting this year, it did increase revenue by 12.5% year over year in the first quarter. It might seem like this streaming platform has saturated its market. However, co-CEO Greg Peters believes there are still "hundreds of millions of folks to sign up." By continuing to focus on creating compelling content offerings all over the world, Netflix is in a position to keep its expansion going. Wall Street's consensus analyst estimates are for its revenue to rise at a compound annual rate of 12.3% between 2024 and 2027. The streaming industry, like the automotive market, is extremely competitive. Netflix co-founder and former CEO Reed Hastings previously said that he counts sleep among the company's key competitors. I don't believe this was a stretch. Netflix goes up against all the other activities consumers can do when it's time to wind down and relax. But to be more specific, people have an almost unlimited number of viewing options at their fingertips today. Netflix is in the lead, though. Data from Nielsen shows that Netflix commanded 7.5% of video viewing time in the U.S. in April, only behind YouTube, which isn't necessarily an apples-to-apples comparison due to the latter largely featuring user-generated content. With its massive subscriber base, and trailing 12-month revenue of $40 billion, Netflix has the financial strength to spend a lot on content and marketing. And it's still able to bring in billions in free cash flow each year. It's important to highlight that the "Magnificent Seven" is not an official index like the S&P 500 is. However, with each passing quarter, Netflix continues to make the case that it deserves to be mentioned with the tech giants in that group. Given the streaming pioneer's ongoing success, it belongs in that exclusive club instead of Tesla. Before you buy stock in Netflix, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Netflix wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,702!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $870,207!* Now, it's worth noting Stock Advisor's total average return is 988% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Netflix and Tesla. The Motley Fool has a disclosure policy. Why Netflix Should Replace Tesla in the "Magnificent Seven" was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Momentum stocks that helped drive the market's epic recovery are stalling. Get ready for a ‘buyable' pullback.
Momentum stocks that helped drive the market's epic recovery are stalling. Get ready for a ‘buyable' pullback.

Yahoo

timea day ago

  • Yahoo

Momentum stocks that helped drive the market's epic recovery are stalling. Get ready for a ‘buyable' pullback.

After helping to power the U.S. stock market's historic recovery from April's tariff-induced selloff, many of the momentum names popular with individual investors are showing signs of exhaustion. That means investors should approach with caution over the coming weeks. Because another opportunity to buy the dip might lie ahead, according to Jonathan Krinsky, a technical analyst at BTIG. My husband is in hospice care. Friends say his children are lining up for his money. What can I do? These defense stocks offer the best growth prospects, as the Israel-Iran conflict fuels new interest in the sector Walmart's stock looks like it's in trouble. What the chart says may come next. Why bonds aren't acting like a safe haven for investors amid the Israel-Iran conflict My mother-in-law thought the world's richest man needed Apple gift cards. How on Earth could she fall for this scam? 'While it's still too early to say we are getting a more widespread pullback, we are starting to see some early cracks in certain high-beta momentum names today, with many leadership stocks working on potential downside reversals,' Krinsky said in commentary shared with MarketWatch on Thursday. As Krinsky pointed out, Goldman Sachs Group's long-only basket of high-beta momentum stocks appears to have stalled out just shy of its year-to-date peak from February. He identified seven momentum stocks that look particularly vulnerable: GE Aerospace GE, Robinhood Markets Inc., HOOD Lemonade Inc. LMND, Netflix Inc. NFLX, Tesla Inc. TSLA, Twilio Inc. TWLO and Upstart Holdings Inc. UPST. To be sure, only three of these stocks — GE, Tesla and Netflix — are components of the S&P 500. Even if they encounter some near-term turbulence, all of those stocks remain in strong uptrends, Krinsky said. That means any pullbacks would likely prove to be another 'buyable' opportunity. 'To be clear, most of these are in strong primary uptrends, so pullbacks are ultimately buyable,' Krinsky said. 'Tactically, however, we would be cautious of many of these names over the next couple of weeks, especially heading into quarter-end, when big rebalances often take place.' Since skittering to the brink of bear-market territory in early April after President Donald Trump unveiled his 'liberation day' tariff plans, the S&P 500 SPX has staged what could ultimately prove to be its fastest-ever recovery back toward record highs, according to Dow Jones Market Data. The speed of the move has taken many on Wall Street by surprise. By the time Trump announced a 90-day pause on many of the tariffs on April 9, the index had fallen by 18.9% from its February record high to its closing low on April 8. Since then, all seven of the momentum stocks cited by Krinsky have tallied huge gains, with Robinhood up more than 115%, while Lemonade has gained nearly 70%. Even Netflix, the worst performer in the group, has risen by roughly 40%, FactSet data showed. The S&P 500, meanwhile, has risen by 21.3%. Data from several Wall Street banks show retail investors helped power the market's recovery in April, while their professional peers remained much more cautious. The index was still about 1.7 percentage points shy of its Feb. 19 record as of Thursday's close, although it tallied its highest finish since Feb. 20, according to Dow Jones data. U.S. stocks finished higher on Thursday, with the S&P 500, Nasdaq Composite COMP and Dow Jones Industrial Average DJIA all closing in the green. 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. Gundlach says gold is no longer for lunatics as the bond king says wait to buy the 30-year 'I am getting very frustrated': My mother's adviser has not returned my calls. He manages $1 million. Is this normal? I'm in my 80s and have 2 kids. How do I choose between them to be my executor? 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell?

Scott Galloway bluntly predicts major change for Netflix
Scott Galloway bluntly predicts major change for Netflix

Miami Herald

timea day ago

  • Miami Herald

Scott Galloway bluntly predicts major change for Netflix

Scott Galloway, the podcaster and New York University professor, explained his view on June 13 that the last significant battle in the streaming industry was a showdown between Netflix and Hollywood - and Netflix emerged victorious. By expanding production globally, taking advantage of broadband technology, and capitalizing on inexpensive funding, Netflix (NFLX) was able to make large-scale investments similar to Amazon's strategy, Galloway explained, leaving competitors unable to keep pace. The outcome? A major shift in value from traditional studios and entertainment talent to Netflix's investors and subscribers. Don't miss the move: Subscribe to TheStreet's free daily newsletter Netflix's newest version operates as more than just a subscription-based platform - it now combines both subscriptions and advertising in its business model. And nearly 94 million people have chosen Netflix's ad-supported plan since it was introduced fewer than three years ago, according to Galloway. Netflix has proven itself to be a master of adaptation in the media landscape. It started as a mail-order DVD business, toppling the giant Blockbuster. Then it evolved into a streaming powerhouse, upending Hollywood's dominance. Related: Jean Chatzky sends strong message to Americans on Social Security Now, after a decade without major changes, Netflix is transforming once more, Galloway wrote. The company is introducing AI-driven content recommendations, mobile-friendly vertical videos, and a refreshed visual design to take on platforms such as YouTube and TikTok. And once again, the streaming service faces a new challenge. Shutterstock Having won the last streaming war, Netflix now confronts a new threat, Galloway explained in his "No Mercy / No Malice" newsletter. In fact, this prominent challenger is in the ring with all streaming services. "The next streaming war?" Galloway wrote. "YouTube takes on the world." "This year, more people in the U.S. watched YouTube on TVs than on mobile devices - a first," he continued. "YouTube is now the No. 1 distributor of TV content, according to Nielsen. And for the past three months, YouTube registered the largest share of TV viewing (12%) among media companies; Netflix accounted for 7.5%." More on the U.S. economy: Jean Chatzky shares major statement about Social SecurityShark Tank's Kevin O'Leary has blunt words on 401(k) plansDave Ramsey strongly cautions U.S. workers on Social Security YouTube is essentially public access television scaled to the internet, but with vastly superior production quality, observed Galloway. His Markets podcast co-host Ed Elson notes that Gen Z sees YouTube - owned by Alphabet (GOOGL) - as an algorithm-driven force shifting influence away from established brands and toward individual creators. The biggest disruptor to Hollywood, Galloway argues, isn't Netflix chairman's Reed Hastings - it's MrBeast, the YouTube star who has perfected parasocial relationships. In 2023 alone, MrBeast amassed over a billion hours of watch time, surpassing the top Netflix shows. "But just as individual content creators disrupted Hollywood, AI may disrupt content creators," Galloway wrote. While Netflix is expected to invest around $18 billion in content this year, YouTube effectively operates with a content budget of zero, instead sharing ad revenue with its creators. MrBeast has revealed that producing a single video typically costs him $2.5 million. Yet in a striking shift, an AI-generated muzak channel recently surpassed him, becoming the fastest-growing channel on YouTube this month. Related: Shark Tank's Kevin O'Leary makes bold prediction on U.S. economy Galloway argues that the rise of Netflix, YouTube and the competition for streaming audiences has cost us something vital: a shared cultural experience. In 1983, the final episode of M.A.S.H. was a national event, drawing 106 million viewers - nearly half of America, he recalls. By contrast, last year's most-watched scripted TV finale, "Yellowstone," reached just 13 million people, a mere 4% of the country. The shift from scheduled programming to unlimited, on-demand content has fragmented American culture, Galloway suggests - and this fact reflects the loss of two key societal pillars: collective experiences and a shared identity. "Without shared stories, we don't laugh together, love/hate the same heroes/villains, or believe in the same facts when we argue," Galloway wrote. "We lose our empathy, our ability to see each other as human." "It's hard to demonize someone you watched 'Cheers' with every Thursday night; it's easy to hate someone whose cultural references are completely foreign to your feed." Related: Scott Galloway makes major prediction on world economy; 401(k) impact seen The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store