British Cable company Virgin has announced that it will be eliminating 2,200 jobs in the next three years as part of a restructuring process which should improve the prospects of the company.
The move should save the company up to £120 million a year. Most of the layoffs will be made when the global recession is expected to hit hardest - between Q3 2009 and Q4 2010.
Commenting on the announcement, Virgin Media chief executive, Neil Berkett, declared "These changes are critical to ensuring Virgin Media is positioned to compete effectively and deliver on our customers' changing expectations"
The company employs 14600 and was formed when Telewest joined forces with rival NTL back and subsequently changed its name to Virgin Media inc in November 2006.
Virgin Media operates is the only mainstream quad play telecoms company, offering mobile and landline telephony, broadband and television.
The company has just cosied up again with arch-rival Sky after a 20-month feud that saw Sky channels being dropped from the Virgin Media TV listing.
Virgin Media has not specified where the cuts would be operated within the company (although 1200 call centre staff are understood to be made redundant) and has left some to speculate that Virgin Media may be on the verge of selling its TV division in a bid to reduce its massive debt and concentrate on the more lucrative broadband and mobile business.