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UK’s Virgin Media O2 to lay off up to 2,000 employees by year end
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(Reuters) – British mobile operator Virgin Media O2 said on Monday it was planning to lay off up to 2,000 employees by the end of this year.
(Reuters) – British mobile operator Virgin Media O2 said on Monday it was planning to lay off up to 2,000 employees by the end of this year.
Redundancy notices were issued to some staff on Monday night, the Telegraph reported.
The company is a joint venture between the US-listed Liberty Global and Spain’s Telefonica. Its rival BT Group, Britain’s biggest broadband and mobile provider, had cut 55,000 roles or more than 40% of its workforce in May.
Liberty Global also holds 5% in Vodafone, which also plans to slash 11,000 jobs globally over three years as it forecast a 1.5 billion euro ($1.66 billion) drop in annual year’s free cash flow.
Earlier this month, the country’s communications regulator Ofcom opened a probe, following complaints from users that the mobile operator was making it tough to cancel services.
($1 = 0.9041 euros)
(Reporting by Urvi Dugar and Mrinmay Dey in Bengaluru)
Redundancy occurs when an employer reduces their workforce because a job or jobs are no longer needed. This can happen due to various reasons, including economic downturns or company restructuring.
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific task or project, sharing profits, losses, and control.
Cash flow refers to the total amount of money being transferred into and out of a business, particularly affecting its liquidity. Positive cash flow indicates that a company has enough funds to cover its expenses.
A telecommunications provider is a company that offers services related to telecommunications, such as internet access, telephone services, and mobile communications.
Workforce reduction is the process of decreasing the number of employees in a company, often due to financial pressures or restructuring efforts, which can lead to layoffs or redundancies.
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