- Virgin Media O2 plans to cut around 4,000 jobs to reduce operating costs
- The job cuts would affect about a quarter of its 16,000-strong workforce
- Redundancies will mainly target non-customer-facing roles in the company
British telecoms operator Virgin Media O2 is reportedly preparing to cut thousands of jobs as part of a major restructuring in order to reduce operating costs.
According to a Sky News report on Saturday, around 4,000 employees could be affected, representing approximately a quarter of its 16,000-strong workforce.
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The precise number of redundancies has not been finalised, but the proposed reductions are expected to affect primarily non-customer-facing positions.
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Several changes at senior leadership levels are also reportedly underway as the company reviews its organisational structure.
Virgin Media O2, jointly owned by Liberty Global and Spain's Telefonica, declined to comment on the reported job cuts.
The company is also expected to reassess its reliance on contractors and external suppliers as part of its wider cost-reduction efforts.
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Virgin Media O2 Owners Look to Reduce Costs and Debt
The reported restructuring is a result of growing financial pressure on the telecoms operator. Its shareholders have been exploring ways to improve the company's financial position, particularly by addressing its substantial debt burden.
According to Financial Times' report in July, it indicated that the owners were considering options to reduce Virgin Media O2's debt pile, which stood at approximately £22 billion ($29.46 billion).
Another report by the publication in September suggested that the shareholders were targeting around £600 million in cost savings.
The potential workforce reduction and review of external supplier arrangements could form part of these broader efforts.
If implemented, the proposed cuts would represent a significant workforce reduction for one of Britain's major telecommunications providers. However, Virgin Media O2 has yet to officially confirm the reported restructuring plans or disclose how many employees could ultimately lose their jobs.
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