Damon Buffini and fellow venture capitalists to be called to account with national AA roadshow

GMB union will hold a press conference Tuesday 11th July 2006 as part of a national AA roadshow to discuss the asset stripping activities of Damon Buffini the boss of Permira who, with CVC, own the AA.

Maidstone

The public meeting will take place at:

11. 00AM
Tuesday 11th July
Stone Court Hotel
28 Lower Stone Street
Maidstone
ME15 6LX

Dover

The public meeting will take place at:

6. 30pm
Tuesday 11th July
Ramada Hotel Dover
Singledge Lane
Whitfield
Dover
CT16 3EL

Damon Buffini is boss of venture capitalist, Permira with CVC has presided over the sacking of 3, 400 of the AA’s 10, 000 workforce since they took over the company in 2004. Disabled staffs were targeted for the sack. AA has increased prices to some motorists by 30%. In the Which Magazine rankings for response times AA has fallen from first to third. Profits have been doubled to £200 million. AA have been saddled with £1. 9 billion debts as the venture capitalists plan to asset strip £500 million out of the company in the form of a special “dividend”.

This press conference is part of a national AA roadshow entitled “Buffini - he sacks disabled workers doesn’t he”. Members of the press will be invited to hear GMB member Steve Thompson, former AA Patrolman of the Year; tell how he was sacked by the AA following a disabling injury at work. Paul Maloney, GMB Senior Organiser will also outline the GMB campaign to stop Buffoni and his ilk asset stripping and destroying the AA because of sheer greed. A parliamentary motion 2079 has been tabled as part of the campaign.

Paul Maloney GMB National Organiser for AA said “GMB intend to make Damon Buffini and the other venture capitalists personally account for what they have done to the AA.

Since they took over in 2004 they have sacked one in three workers, specifically targeting the disabled. AA costs are up by 30% for some motorists and the AA has fallen in the Which rankings from first to third.

GMB is campaigning to remove the limited liability privileges from the venture capitalists and make them personally responsible for their activities. GMB want to see an end the tax payers subsidy for asset stripping by denying tax deductions on loans used for acquisitions. We are asking MPs to support Early Day Motion 2079 in Parliament.”

Contact: Paul Maloney, GMB National Organiser on 07801 343839 or Steve Pryle on 07921 289880.

Notes to Editors:

Visit GMB’s AA campaign website at www.gmb.org.uk