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Virgin Media plans 2,200 job cuts Virgin Media plans 2,200 job cuts
(10 minutes later)
Cable group Virgin Media has said it plans to cut 2,200 jobs by 2012, around 15% of its workforce, as part of a group-wide overhaul. Cable group Virgin Media has said it plans to cut 2,200 jobs by 2012, about 15% of its workforce, as part of a group-wide overhaul.
Virgin Media said the changes were "critical" to ensuring it was positioned to compete effectively.Virgin Media said the changes were "critical" to ensuring it was positioned to compete effectively.
The group said it would not start cutting jobs until the fourth quarter of next year.The group said it would not start cutting jobs until the fourth quarter of next year.
The job losses come in the wake of NTL's merger with Telewest in 2005 and its takeover of Virgin Mobile in 2006. The job losses come after 4,000 jobs were cut in the wake of NTL's merger with Telewest in 2005.
In a statement chief executive Neil Berkett said: "Over the coming weeks and months, we will be developing more detailed proposals for their implementation." The latest redundancies are part of Virgin Media's planned cost savings of up to £120m ($186.4m) over the next four years.
The firm said it expected to improve its cash flow by up to £120m ($186.4m) over the next four years. Debt repayments
"These changes are critical to ensuring Virgin Media is positioned to compete effectively and deliver on our customers' changing expectations," said chief executive Neil Berkett.
"We recognise that this brings with it significant uncertainty for our people and the communities where they work," he said.
The group added it would look to avoid redundancies and offer staff alternative roles where possible.
Earlier this month, the company won a deal to delay its debt repayments - giving it until 2012 to refinance £4.3bn worth of loans.Earlier this month, the company won a deal to delay its debt repayments - giving it until 2012 to refinance £4.3bn worth of loans.
Virgin Media has 76 offices across the UK, with major bases including sites in London, Edinburgh, Nottingham and Sheffield.Virgin Media has 76 offices across the UK, with major bases including sites in London, Edinburgh, Nottingham and Sheffield.