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Postman Pat lay-off
02.12.08
Postman Pat and Rupert Bear children's characters group Entertainment Rights today parted company with its second chief executive in less than a year. Nick Phillips, who was brought in from Warner Bros after long-standing boss Mike Heap was ousted in March, leaves on Friday with a 16-month pay-off.
The company is reported to have breached its banking covenants and renegotiated terms until January. It aims to cut costs by £5 million a year and at least 22 people, or about a fifth of staff, have lost their jobs. Phillips has no immediate replacement. The shares fell 0.15p to a new all-time low of 1p.
