Lincolnshire financial services provider set to make 500 employees redundant

A financial services provided based in Lincolnshire is likely to make around 500 employees redundant as part of cost-cutting, business restructuring efforts, a recent news report in the local business media has been able to suggest.

Totemic Holdings specialises in the provision of free-to-consumer debt advice and debt management services and currently employs 876 staff at its Grantham, Long Bennington and Birmingham bases.

The company revealed that changes in the debt advice market place have meant that it is no longer able to attract sufficient funding to maintain its current level of activity.

In a statement, Totemic Holdings said: "Whilst the company will seek to minimise redundancies where possible, their priority must be to ensure a sustainable and long-term future for the organisation and those staff who remain."

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