Telewest cuts 1,000 jobs

Cable company, Telewest has announced that it is to lay off 1,000 jobs and dramatically reduce its capital expenditure as part of restructuring moves.

The moves come as the company prepares to sell off its 17% stake in media company, SMG, a deal set to be in the form of a debt-for-equity swap.

The 1,000 job cuts come in addition to 1,500 cuts earlier this year, and would bring the company's staff strength to just 7,500.

Among the jobs to be affected include top management jobs as well as well as customer service staff.

The redundancies are expected to be complete by the end of next year.

Capital expenditure is being reduced to just under £300m (€473.6m), despite another reduction earlier during the year.