Virgin Media O2 is set to 'axe 4,000 jobs', a quarter of its workforce, to tackle a £22bn debt pile

The redundancy figure, reportedly up to 4,000 positions, is expected to be confirmed alongside Virgin Media O2's third-quarter results due next week.

Virgin Media O2, a joint venture between Liberty Global and Telefónica, has drawn up redundancy plans affecting its 16,000-strong workforce as part of a £600 million cost-cutting drive aimed at easing investor concern over its debt burden. The CWU and Prospect unions have been informed of the proposals, and roles without direct customer contact are expected to absorb most of the cuts, with several senior leadership changes already under way.

Tuesday's third-quarter results will include a financially expressed cost-reduction goal rather than a specific headcount figure.

The CMA could hand VMO2 a £1bn lifeline if it approves a joint venture with Nexfibre Networks to acquire Netomnia, with a final ruling due on 15 December.

VMO2's bond prices hit record lows earlier this month, raising questions about what went wrong — the cuts add to layoffs already announced at BT Group and Vodafone Three.

The TelegraphVirgin Media O2 ‘to axe 4,000 jobs’Daily Mail NewsVirgin Media O2 to axe thousands of jobs as it cuts costs to battle £22billion debt GB NewsVirgin Media O2 axing thousands of jobs in £600million cost-cutting drive The SunVirgin Media O2 axing up to 4,000 jobs in cull as giant battles £22bn debt pile The MirrorVirgin Media O2 to axe thousands of jobs amid concerns over £22bn debt pile ReutersVirgin Media O2 to cut thousands of jobs, Sky News reports mobilenewscwp.co.ukVirgin Media O2 could cut up to 4,000 jobs in cost-cutting drive - mobilenewscwp.co.uk AOL.co.ukVirgin Media O2 to slash thousands of jobs in cost-cutting plan The TimesAs job cuts loom, what went wrong for Virgin Media O2?

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