BG Group plans redundancies to slash costs
OIL AND gas explorer BG Group confirmed on Thursday night that it has invited its 1,100 employees at its head office in Reading to apply for voluntary redundancy, as it looks to slash costs and streamline the business.
It is understood that the FTSE 100-quoted firm started the process earlier this month and is 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.
“The programme reflects steps we are taking to simplify our business, particularly at Reading head office, and a focus on streamlining and managing costs across the company,” said a BG spokesperson.
BG employs 1,500 staff across the UK.
The company hired Simon Lowth as its new finance chief, effective from December 2013, as it looks to restore investor confidence following a production warning and dwindling profits.