Virgin Media O2 is preparing to shed a substantial portion of its workforce in response to mounting financial strain, particularly the weight of its £22 billion debt load. Investor confidence in the company's capacity to manage this liability has become a pressing concern, prompting the operator to pursue aggressive cost-cutting measures.
The jointly held venture between Liberty Global and Telefonica, which employs 16,000 people, intends to eliminate a significant number of positions over the coming months, according to reporting by Sky News. While the company has not yet disclosed the precise figure, insiders suggest the redundancy programme could affect as many as 4,000 workers.
The exact scope of the layoffs remains fluid ahead of the company's third-quarter earnings announcement scheduled for next Tuesday. Representatives from trade unions CWU and Prospect have already received briefings regarding elements of the restructuring plan.
According to one source, the majority of positions targeted for elimination are in back-office and support functions rather than roles involving direct customer interaction. The company, headed by chief executive Lutz Schüler, is simultaneously implementing several senior management changes.
The final numbers on cost reduction are still moving around
an insider speaking to Sky News
A company representative declined to provide any statement regarding the redundancy plans when approached for comment.
