Virgin Media O2 is reducing 2,000 jobs because it battles to cut back prices beneath the burden of billions of kilos of borrowing.
Redundancy notices have been issued to some workers on Monday night time.
Unions have been notified in June that between 800 and 2,000 jobs have been in danger and the corporate is known to have opted to minimize the utmost variety of roles.
The job cuts, amounting to greater than a tenth of the cellular operator’s workforce, comply with the £31bn debt-fuelled merger of Virgin Media and O2 two years in the past. The deal left the mixed firm carrying £20.2bn of debt and looking for £350m of annual price financial savings.
A spokesman confirmed Virgin Media O2 deliberate larger cuts and mentioned it was “presently consulting on proposals to simplify our working mannequin… which can see a discount in some roles this yr.
“While we all know any interval of change may be tough, we’re dedicated to supporting all of our folks and are working intently with the CWU and Prospect together with our inner worker representatives as now we have open and sincere conversations on the long run path of our enterprise.”
The firm mentioned in 2021 that it expects to spend £700m on “integration costs” between then and 2025 because it eliminates duplicated infrastructure and jobs alike.
The redundancies come as a fibre broadband firm arrange by Virgin Media O2’s house owners – Liberty Global and Telefonica – prepares to battle BT.
