BREAKING: British Gas Owner Centrica to Axe 5,000 Jobs due to Pandemic

THE firm which owns British Gas has just announced 5,000 job cuts due to the impact of the coronavirus pandemic.

Centrica, which was already on the decline before the crisis hit, says it plans to cut out three management layers. This will involve cutting around half of the current 40-strong management team who will leave the firm by the end of August.

Centrica said the move to “simplify” will result in significant cost savings – with workers set to be placed on consultation over the next six months.

Centrica Group chief executive Chris O’Shea said: “Since becoming Chief Executive almost three months ago, I’ve focused on navigating the company through the Covid-19 crisis and identifying what needs to change in Centrica.

“We’ve learnt through the crisis that we can be agile and responsive in the most difficult conditions and put our customers at the heart of our decision making.

“However, I believe that our complex business model hinders the delivery of our strategy and inhibits the relentless focus I want to give to our customers. We have great people, strong brands that are trusted by millions and leading market positions, but the harsh reality is that we have lost over half of our earnings in recent years. Now we must bring focus by modernising and simplifying the way we do business.”

Centrica’s profits have been spiralling for several years as the first struggled in an increasingly competitive market.