Telewest to cut 1500 jobs

Telewest (London:TWT.L) announced on Thursday that it would be cutting 1,500 jobs in an effort to save up to £50m (€81m) a year.

Telewest said the jobs would be lost on the network side of the business because the company has been upgrading the cable network over the past two years. Other cost cutting measures include cuts in capital expenditure and a proposed merging of its consumers and business customer units as part of an operational restructuring.