P&O Ferries made a loss of 100 million dollars last year and decided to make 800 staff redundant.
Just hours after suspending its services, the ferry firm issued a statement saying it was unable to operate for the next few hours.
In its current state, P&O Ferries is not a viable business. We have made a 100 million loss in the last year, which has been covered by our parent company. This is not sustainable.
Our survival is dependent on making changes now. There is no future for P&O Ferries without these changes.
The circumstances have resulted in a very difficult but necessary decision, which was only taken after seriously considering all the available options.
As part of the process we are starting today, we are giving 800 seafarers with immediate severance notices and will compensate them for this lack of advance notice with enhanced compensation packages.
The National Union of Rail, Maritime and Transport Workers told staff not to leave vessels until clarity was provided.
The majority of P&O Ferries staff are members of the union.
According to its website, the company operates more than 20 ferries across the English Channel, North Sea and Irish Sea and employs almost 4,000 members of staff.
The ferries business has faced a challenging trading environment during the year due to the UK and Europe being locked down, but we continue to transport.
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