Need advice on Work contract...

I have been working in the security industry for the last 3 years, working on the same site. My employer phoned me this morning to say that they had pulled out of the contract for the site that i have been working saying that it is no longer financially viable to keep the contract, effective from the end of November. I was told i have 2 options, 1, to stay with the company on reduced hours on a different site or 2, I could go with the new company that won the contract, i was also told the new company have a legal obligation to employ the existing staff that work on the site. Is this true... I would really appreciate some info on this... many thanks

Under TUPE legislation should you move to the new company your terms and conditions must be protected (inc. length of service). The only matter not covered is pensions if you have one.

Did they tell you anything about having to sign a new contract?

So should a new company be able to make changes to location of your work (e.g. stating your work could move to "anywhere in Ireland") or restricting your ability to work for a competitor if you leave, when neither are included in your original contract?