Jobs under threat as debt advice firm looks to restructure

FIVE hundred jobs – including some in Birmingham – are under threat after a Midlands debt advice company revealed plans to restructure.

Totemic Holdings said that “significant changes” in its industry meant that advisory and administration roles could be axed.

The company employs a total of 876 workers at three sites with 597 at its head office in Grantham, 270 in Long Bennington, near Newark and nine in Birmingham.

The firm has yet to reveal how many posts could be cut at each site.

Totemic said a 45-day consultation period was due to start this week with compulsory redundancies expected to begin at the end of October.

John Fairhurst, chairman, said: “Changes to the debt market have been very difficult to predict, there’s been a lot of turbulence. A lot of our competitors have exited the market.”

Mr Fairhurst said the company was having to “scale back” on its operation “to ensure a sustainable and long-term future for the organisation”.

In a statement, Totemic added: “We will seek to minimise redundancies where possible”.