Thousands of jobs at Virgin Media O2 to be cut
Summary
Virgin Media O2 is preparing job cuts as it seeks to reduce costs amid heavy debt and competition from larger rivals and smaller broadband providers. The company has not confirmed how many roles will go, but the cuts are expected to affect a substantial share of its 16,000 employees, mainly in non-customer-facing jobs.Key Facts
- Virgin Media O2 has not finalised the number of roles it plans to cut.
- Most affected employees are expected to work in non-customer-facing roles.
- The Prospect union said the prospect of cuts was disappointing and unsettling and said it would support members and seek to limit redundancies.
- Virgin Media O2 had £27.2 billion in debt and £45.9 billion in assets as of 30 June, according to its latest accounts.
- The company faces competition from smaller broadband providers and major rivals such as BT.
- The Competition and Markets Authority blocked Virgin Media O2’s owners’ £2 billion attempt to buy broadband provider Netomnia through joint venture nexfibre.
- A report said Virgin Media O2 was close to a deal to use BT’s fibre network, and the BBC was told the company may announce it will stop investing in fibre in results due Tuesday.
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