Virgin Media O2 is set to axe hundreds of staff despite surge in revenues
Hundreds of staff are being axed by the country’s biggest telecoms firm despite its revenues surging to £2.6billion.
Virgin Media O2, which employs around 16,000 people, has put workers on redundancy alert.
Unions said the broadband and mobile network operator sent out letters last week. Sources suggest 800 to 2,000 will go.
The firm won’t confirm numbers. One worker said a pay rise for staff had been moved to August 1 – a day after scheduled redundancies.
He said: “VMO2 has given 800 notice their jobs are in jeopardy. Redundancies will be on July 31 so the rise won’t show in their redundancy packages.”
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Boss Schuler paid £1.33m (Bloomberg via Getty Images)VMO2 revenues rose by 3.9% to £2.6bn in the year to April due to price rises. Its CEO Lutz Schuler earned £1.33m in 2021.
The firm has 47.9 million UK connections covering broadband, mobile, TV and home phone services.Virgin Media and O2 merged in a £32billion deal in 2021. A spokesman said: “As part of our transformation, we’re consulting with some of our people on proposed changes.”
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