Virgin Media O2 is to cut thousands of jobs as it seeks to reduce staff costs by 30 per cent over the next two years, the telecoms group said today alongside its third-quarter results.
The company, which employs about 16,000 people, did not give an exact figure for job losses but said most would come from back office and head office roles. The staff cost reduction forms part of a wider target of £800m of cost savings by 2029.
VMO2, which is owned by Telefonica and Liberty Global, has faced rising investor concern over its ability to repay a debt pile of about £22bn, which has pushed the price of its bonds to record lows in recent months. Net debt stood at about 5.6 times adjusted earnings at the end of September.
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