Virgin Media O2 reportedly weighs cuts of up to 4,000 jobs
Business · First reported 2 Nov, 09:54 · Updated 10:01
Virgin Media O2 is reported to be considering up to 4,000 job cuts as part of a cost-reduction drive, with potential savings but continuing concerns about its debt. The final number of redundancies has not been determined.
- The reported plan could affect up to 4,000 of Virgin Media O2’s 16,000 employees; the final number is not settled.
- An analyst estimated annual gross personnel savings of around £200 million by 2028, while warning the cuts may not resolve the company’s balance-sheet strain.
- The company is expected to outline financial savings targets alongside its third-quarter results on Tuesday.
Summary written by Lux AI from 2 articles
Key facts
- Potential job cuts
- Up to 4,000
- Workforce cited
- 16,000 employees
- Estimated annual gross personnel savings
- Around £200 million by 2028
- Net debt
- 5.89 times annualised adjusted earnings
- Previous-quarter revenue change
- Down 7.9%
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