12/7/2009 10:22:00 AM
Daisy Group to cut 300 jobs
Daisy Group will cut 300 jobs as it integrates the companies it has bought and divests from its wireless businesses.
Daisy is expected to see staff numbers fall from 1,150 at the end of August, to about 850 by March next year.
The company, which was formed when telecoms companies Daisy and Vialtus were reversed into AIM-listed Freedom 4 Group in a £123m deal, is focused on consolidating the SME and mid-market telecoms sector.
It said it had £22.5m of cash and was comfortable with market expectations for full year revenues of £225m.
Daisy Group concluded a £39m acquisition spree with the £17m purchase of Redstone in August this year.
Integrating the five businesses it has acquired is expected to see staff numbers fall from a peak of 1,150 at the end of August to around 850 by next March.
The wireless businesses are now regarded as non-core.