Virgin Media O2 to cut thousands of jobs in £800m savings plan

Summarised from 4 outlets · Updated 3 Nov, 08:39 · Archive

Virgin Media O2 will axe thousands of jobs among its 16,000-strong UK workforce to save £800 million a year by 2029.

Telecoms group Virgin Media O2 has announced job cuts among its 16,000-strong UK workforce to achieve £800 million in annual savings by 2029. The company said the bulk of the cost savings – approximately £300 million – will come from job cuts, with the aim of reducing labour costs by around 30 per cent. It did not confirm the exact number of roles to be axed, but stated that most of those affected would not be customer-facing.

The overhaul is expected to largely focus on head office, IT and support functions. Virgin Media O2 has already been cutting senior leadership positions. The company will also review its use of contractors and suppliers as part of the cost reduction drive.

Chief executive Lutz Schuler said the cuts were necessary given market conditions, the regulatory environment around fibre, and technological changes across the economy. He stated that 'standing still and doing what we've always done is not an option' and described the decisions as 'tough' but 'necessary for our future success and growth'. Schuler pledged that those leaving the company would 'be treated fairly and with respect'.

The company said it would provide a fuller update on its new strategic plan in the coming months.

How it is being reported

• Virgin Media O2 will cut thousands of UK jobs in £800m savings planVirgin Media O2 has said it will axe thousands of jobs among its 16,000-strong UK workforce under plans to save £800 million a year by 2029.This Is Wiltshire · 3 Nov, 07:56
• Virgin Media O2 will cut thousands of UK jobs in £800m savings planVirgin Media O2 has said it will axe thousands of jobs among its 16,000-strong UK workforce under plans to save £800 million a year by 2029.Gazette & Herald · 3 Nov, 07:56
• Virgin Media O2 will cut thousands of UK jobs in £800m savings planVirgin Media O2 has said it will axe thousands of jobs among its 16,000-strong UK workforce under plans to save £800 million a year by 2029.Swindon Advertiser · 3 Nov, 07:56
• Virgin Media O2 will cut thousands of UK jobs in £800m savings planVirgin Media O2 has said it will axe thousands of jobs among its 16,000-strong UK workforce under plans to save £800 million a year by 2029.Wiltshire Times · 3 Nov, 07:56

In this story: Virgin Media O2 · Lutz Schuler · UK

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