A number of job cuts has been proposed by Brooks Macdonald which will reduce the number of roles in the organisation by around 55.
The proposed changes are designed to ensure the group is “set up for success, organised to deliver its strategy and drive growth”.
Brooks Macdonald CEO, Andrew Shepherd, said: “As an ambitious business, we must respond to evolving market dynamics by taking difficult decisions that will regrettably affect some of our colleagues, but make the group stronger.
“Our guiding principles demand both that we tackle hard decisions head on, and that we care for and support our employees, and this will inform how we conduct the process.”
Shepherd added he is “confident” in the opportunity ahead thanks to the “strength of relationships” the business has with intermediaries and clients, and the “dedication and expertise” of its people.
The changes are thought to result in an annualised staff cost reduction of around £4mn, which is aligned with the group’s “long-standing” focus on cost discipline.
Additionally, the group expects the cost of the changes to be up to around £3mn, a non-recurring expense which it intends to exclude from its reported underlying profit.
For the next financial year the group continues to expect overall costs to grow in mid-digits, in line with existing market expectations.
The group is informing employees of the proposals, which will be subject to consultation, and has stated it will provide “comprehensive outplacement support” to those affected.
Meanwhile, the group stated that the changes will not affect the level of service the group delivers to its clients, nor its footprint of offices across the UK and Crown Dependencies.
tom.dunstan@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
