17 Dec 2008
Transport group National Express will shed around 750 back-office and support jobs to cope with the effects of the recession.
The company is understood to be suffering from a drop in revenue in the final quarter of 2008 and is looking to save around £15m by reducing its workforce.
It is understood that the job cuts, which will represent a reduction of five per cent in the company’s headcount, are still under consultation.
The staff cull follows the news that National Express had been hit by the weakening of the pound, which translated to a debt increase for the group of about £90m. According to analyst forecasts, the company will be carrying a debt pile of approximately £1.1bn by year end.
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