Like others have already said mate I would give the new contract a go.
I'd be nervous about changing jobs at the moment with the cost of living and other things going on in the UK. I think businesses are in for a tough couple of years until heating and fuel bills come down.
I would snap there hand off for the extra pay and the 3 days off every week.
Will offer a bit more detail.
It's 48 hours a week, contracted. Four 12 hour days. For 26k per annum It works out as barely above minimum wage even though the job is basically that of a manager. I've seen the exact same role advertised by competitors companies and they all advertise it at £30k per annum minimum.
Company keep insisting all this restructuring is due to the need to cut costs (that in itself is complete BS but I won't go in details as to why I know that). I get all businesses try to pay you as little as they can, but this was an offer ridiculously below industry standard. And it's not a role I'm particularly interested doing anyway, for anyone.
Got at least 1 interview booked for next week, have had contact from other places I applied for so I'm hopeful they'll extend invitations as well. I feel much better, the other day it all felt a bit raw as I'm sure you can imagine. But I'm certain this is a blessing, I'm more than ready to move on but just want to leave on good terms if I can.