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Hammerson poised to cut jobs as part of cost cutting strategy

Tom Shearsmith
11 October 2021

Retail landlord Hammerson is expected to cut a proportion of its workforce, as CEO Rita-Rose Gagné seeks to cut costs across the business.

All 250 staff working at the head office of the shopping centre giant in London’s King’s Cross and its office in Reading have been placed into consultation, according to The Times.

Up to 40 roles across a variety of functions are understood to be at risk.

Hammerson, the owner of Birmingham's Bullring and London's Brent Cross, raised £552 million last August through an emergency rights issue priced at a 95% discount, and £274 million through the sale of its stake in European outlets.

Earlier this year, the company exchanged unconditional contracts on the portfolio sale of its seven retail park assets to Brookfield for £330 million, concluding Hammerson’s exit from the UK retail parks sector.

The proceeds of the disposals aimed to further strengthen the company's balance sheet, reducing net debt, which was £2.2 billon at 31 December 2020, and increase liquidity, which stood at £1.7 billion.

Hammerson paid its 538 staff £48.9 million last year. In August 2021, Gagné confirmed her intentions to cut costs by 15%-20% by 2023.

In a statement Hammerson said: “We are working on an organisation review, which will create a more agile and efficient business focused on our assets, occupiers and customers.”

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