has revealed plans to shut down its small business unit (SBU) in Manchester, jeopardising the jobs of 176 employees.
The insurance giant is plotting the division closure following a review of the SBU, which has been renamed as the retail unit, business news website Insider
“We can today confirm that we have completed a review of our retail unit in Manchester,” a Towergate spokesman was quoted as saying in the report.
“We are proposing to close the unit and move customers currently served at this site to other specialist teams in the group,” the spokesman added. “Regrettably, this has resulted in 176 employees being placed at risk of redundancy.”
According to the report, Towergate will seek redeployment opportunities across the group and in sister companies to mitigate the need for redundancy.
The Towergate spokesperson said the company will focus on ensuring that the workers affected by the proposed unit shut down “are given all the support they need during this time of uncertainty.”
The planned closure will not affect Towergate’s other businesses based in the same Manchester office, the spokesperson added.
These businesses include the firm’s broking advisory branch and several other central function teams, which will continue to trade as usual.
Towergate shakes up leadership team with new arrival
Towergate reveals results and new appointments