Virgin Media cuts 2,200 jobs
Tuesday 11th November 2008, 4:28PM GMT.
Virgin Media is to cut 2,200 jobs by 2012.
As a part of a restructuring, the firm – which provides broadband, phone, TV and mobile services to ten million customers – will lose 15 per cent of its workforce in a bid to save £120 million.
Redundancies will commence from the fourth quarter of 2009 and the end by 2011, although the firm said it would try to offer alterative roles to those affected.
Neil Berkett, chief executive of Virgin Media, said: “These changes are critical to ensuring Virgin Media is positioned to compete effectively and deliver on our customers’ changing expectations.
“Over the coming weeks and months, we will be developing more detailed proposals for their implementation. We recognise that this brings with it significant uncertainty for our people and the communities where they work.”
Virgin Media currently has six UK offices with bases in London, Edinburgh, Nottingham and Sheffield.
Over the third quarter of 2008, Virgin Media recorded revenue of £991 million.
However, it has a long term debt of £6,160 million.
The firm was formed after the ntl Telewest bought Virgin Mobile and Virgin.net in 2006.
Last week BSkyB and Virgin have reached a new agreement to carry each other’s channels after a 20-month legal standoff.
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