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City & Guilds Slashes UK Jobs in £22m Cost Cut
14 Dec
Summary
- City & Guilds aims to cut £22m, with £13m from personnel costs.
- A third of roles will move to Greece for lower costs.
- Proceeds from sale support City & Guilds Foundation's social impact.
The training and qualifications body, City & Guilds, is undergoing a significant £22 million cost-cutting initiative following its acquisition by the private Greek firm PeopleCert in October. This move is intended to transform the organization into a more efficient entity.
Key to the savings is a £13 million reduction in personnel costs. Plans include relocating approximately one-third of the UK workforce to Greece, leveraging lower operational expenses. Some roles will not be replaced due to overlapping functions, while others will be retained in the UK.
The sale proceeds have bolstered the City & Guilds Foundation, which operates as a social impact charity. It will manage approximately £180 million to £200 million in gross assets, ensuring its long-term sustainability and continued commitment to skills development initiatives.
