Have Muller joined the race to the bottom?

I work for an own account firm with relatively good terms and conditions - 37 hour basic weeks, OT at 1.5 thereafter, Full sick pay and attendance bonus paid yearly. Get a good 6k+ in overtime in too,( still less than 48 hours a week).
Then the firm transfered their logistics to a nationwide haulier, although I’m on the exact same t’c and c’s due to TUPE, any new starters are put on a 48 hour contract, no overtime rate, and the basic rate is a quid less an hour than what I get. And there is no sick pay or bonus. Would hate to be a new starter on that knowing your colleagues are on a much higher rate for the same job!