Around 80 jobs are to go at the Worthing offices of finance company MGM Advantage.
The company, which has offices in Heene Road, is blaming a number of measures outlined in last month’s budget for the decision. It admits some of the redundancies may have to be compulsory, but hope most will come from natural turnover and voluntary redundancy. Chris Evans, Chief Executive, of MGM Advantage:
It is clear that the changes proposed in the recent Budget create many challenges for the industry. We have a great track record of responding to change, and it has become second nature to us over the last few years to adapt to opportunities that arise. In the need to respond quickly and effectively, we will focus on what we do best, developing innovative retirement income solutions. Advisers and our customers will continue to receive support through this transformation of the at-retirement market. In the interim, we need to align our cost base to our new business plan for the year. Although I am personally deeply saddened by any redundancy, I have a responsibility to lead the business into the best possible shape, ready for the opportunities created by the current market turmoil.