2,000 jobs to go at Virgin Media O2
Virgin Media O2 joins rivals BT and Vodafone in cutting jobs
Virgin Media O2 has revealed plans to cut up to 2,000 jobs, amounting to approximately 12% of its total workforce, by the end of this year. The decision is part of the company's broader cost-cutting strategy and efforts to improve operational efficiency through integration.
The 2,000 job cuts include around 800 redundancies that were previously announced.
A company spokesperson said : "As we continue to integrate and transform as a company, we are currently consulting on proposals to simplify our operating model to better deliver for customers, which will see a reduction in some roles this year.
"While we know any period of change can be difficult, we are committed to supporting all of our people and are working closely with the CWU [Communication Workers Union] and Prospect along with our internal employee representatives as we have open and honest conversations on the future direction of our business."
Virgin Media O2 was formed from the £31 billion merger between mobile operator O2 and broadband provider Virgin Media in 2021.
The merger resulted in the combined company carrying a reported debt burden of £20.2 billion.
According to the company's website, the company has 18,700 employees 46 million+ broadband, mobile, phone and home subscribers.
Competitors BT and Vodafone also announced job cuts earlier this year.
BT, the UK's largest broadband and mobile provider, disclosed plans to cut up to 55,000 jobs by the end of the decade, with AI expected to replace some roles.
Vodafone is set to eliminate 11,000 jobs from its global workforce over the next three years, affecting approximately 10% of its staff.
Despite the announcement of job cuts, Virgin Media O2 reported positive financial results for the latest quarter, indicating a 6.2% increase in transaction-adjusted revenue and a 4.6% rise in earnings before interest, tax, depreciation and amortisation for the quarter ending 30th June.
The company's revenue growth was attributed to customer price adjustments (read increases) during the period.