OIL AND gas explorer BG Group is targeting UK redundancies as new management looks to slash costs and streamline the business, City A.M. has learnt.
It is understood that the FTSE 100-quoted firm offered its UK employees the opportunity to apply for a voluntary redundancy package earlier this month. BG has 1,500 staff in the UK, 1,100 of which are based in its head office in Reading.
BG is mainly looking to cut staff in administration and support functions, as well as commercial staff, rather than those in technical roles such as geologists.
The company will assess the applications on various criteria, such as salary and responsibility, before deciding who will receive what is thought to be a generous redundancy package. BG hired Simon Lowth as its new finance chief, effective from December 2013, as it looks to restore investor confidence after dwindling profits.
“We continuously review all areas of our business, including staffing, to ensure the business has the appropriate resources. But we don’t publicly discuss arrangements we may or may not enter into with individuals,” said a BG spokesperson.