Jobs at risk as firm restructures

Redundancies to be split between two sites

ule” after revealing earnings before interest, taxes and other charges fell 16.9% to £40.3 million in the six months to the end of June.

The firm, which also has offices in Sevenoaks and Faversham, the latter under the Capital and County brand, cut its staff costs by 5.2% to £89 million during that period.

It came under new ownership following a drastic restructure of its £1 billion debts in 2015 after making losses of more than £720 million the year before.

US private equity firm Madison Dearborn Partners became its second largest shareholder after acquiring a 23% of the business in September.

In July, it sold its majority interest in Broker Network to Highbridge Principal Strategies, which it said had strengthened its cash position.

In the same month, it was fined £2.6 million by the Financial Conduct Authority for allowing a £12.6 million shortfall to appear in its client and insurer bank accounts.