Thousands of employees at Virgin Media O2 are set to be out of a job as the telecoms giant has been drowning in £22billion debt.
In a bid to cut costs, it is said Virgin Media O2 could axe as many as 4,000 jobs – a hefty 25 per cent of its 16,000-strong workforce, according to Sky News.
The majority of staff who could lose their jobs are said to be in non customer facing roles.
While changes to several senior leadership roles have already began to take affect.
They will reportedly also be reviewing its contractors and suppliers as another avenue of where they can save costs.
The redundancies are said to be looming in the months ahead as the media company, jointly owned by Liberty Global and Telefonica have been drawing up plans.
Thousands of employees at Virgin Media O2 are set to be out of a job as the telecoms giant has been drowning in £22billion debt
Its third-quarter results next Tuesday will confirm a cost-cutting target which will be focused around a financial decision rather than deciding a specific headcount.
It is understood Trade union officials at the CWU and Prospect have already been informed of the plans.
This is a breaking news story, more to follow…
