UP TO 80 redundancies will be made at a Worthing financial services firm after a change in strategy by the company following changes announced in the recent Budget.
MGM Advantage, based in Heene Road, said it was ‘deeply saddened’ by the announcement, which has been made in anticipation of reduced sales of annuities following pensions changes in the Budget.
Chief executive of MGM Chris Evans said: “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.”
The redundancies will be managed through natural turnover and voluntary redundancies but the firm has not ruled out compulsory cuts.
It said it remains ‘firmly open for business’ despite the announcement.
The news comes as a blow to the town, which has posted encouraging jobs figures in recent months.
The latest level of residents claiming Jobseeker’s Allowance for March stood at 1.8 per cent, down from 2.8 per cent at the same time last year.
Worthing Borough Council cabinet member for regeneration Bryan Turner said: “It is a blow and it is disappointing but we have been reducing unemployment quite well over the past 12 months.”
The firm announced the cuts on Tuesday amidst plans of a ‘radical new proposition’ for the retirement income market.
Mr Evans said: “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.”
The company moved its headquarters from London to Worthing in 1974.