Jim Ratcliffe Ineos Faces Hiring Freeze Amid Debt Pressures and Market Downturn

Sir Jim Ratcliffe’s Ineos group has imposed a companywide recruitment freeze as it seeks to reduce debt exceeding €11 billion following years of acquisitions and turbulence in the global chemicals market. The British petrochemicals giant is reining in spending across its international businesses having recently invested approximately €2.7 billion to expand operations in the United States, Europe and Asia. Pressure has mounted as sluggish demand, weakened chemicals pricing and new US tariffs have weighed on revenues.

Ratcliffe, aged 72 and co-owner of Manchester United, has now suspended dividend withdrawals from Ineos, aiming to cut leverage to a target of three times earnings. Together with fellow co-founders Andy Currie and John Reece, he owns the group through a parent company registered in the Isle of Man. To bolster finances in the face of market headwinds, Ineos is also scaling back capital expenditure, scrutinising discretionary spending and reviewing capital projects while retaining investment in pivotal ventures such as its multibillion-pound ethylene plant in Antwerp, Belgium. A recent €650 million debt raise is earmarked to support this flagship site.

Though the freeze prevents new role creation, the group – employing around 24,000 staff – continues hiring to fill critical vacancies created by staff departures. Current recruitment stands at roughly 136 advertised positions. An Ineos spokesperson warned against any overall staff expansion in the near future, highlighting a focus on essential operations only.

The group’s financial results underscore the challenging climate. Ineos reported a revenue fall from €4.4 billion to €3.8 billion for the quarter ended 30 June, simultaneously swinging from a pre-tax profit of €291.8 million in the previous year to a €42.9 million loss in the same period of 2025. Net debt at midyear stood at €11.1 billion, prompting credit agencies to lower ratings and question Ineos’s ability to achieve its deleveraging goals within target timelines. Nonetheless, analysts note Ineos occupies strong market positions and is supported by modern, well-invested assets requiring limited maintenance.

Industry pressures are stemming from overcapacity, particularly in China, where production growth outpaces local demand and surging exports exacerbate a global supply glut. In Europe, persistently high energy costs and carbon taxes are further eroding profitability, while the risk of oil oversupplies in 2026 looms. Moody’s recognised both market uncertainty and Ineos’s operational strengths in recent assessments.

Ratcliffe is also contending with loss-making Manchester United. The football club is cutting hundreds of jobs to address seven consecutive years of losses and a debt burden of approximately £640 million. Ratcliffe has previously criticised the club’s historic overspending relative to earnings.

To safeguard cash, Ineos has enacted stringent controls on fixed costs and reviewed capital projects to defer non-essential investment wherever safe to do so. The company remains committed to large-scale investments deemed critical, but overall expansion is firmly on hold while financial stability is restored.