Kerry company Fexco plans to cut at least 150 staff due to coronavirus

Much of Fexco’s business is dependent on the travel sector which has been devastated by the Covid-19 pandemic.
Kerry company Fexco plans to cut at least 150 staff due to coronavirus

Financial services company Fexco is set cut its workforce by at least 150 people due to the impact of Covid-19 on the international travel industry.

The company employs approximately 1,000 people, most of whom are located in the company's headquarters in Killorglin, Co Kerry.

In an email to staff the company's CEO Denis McCarthy said it was clear that the impact of Covid-19 will not be short-lived, and the economic consequences of the pandemic will be severe.

"Although international travel will recommence, it will likely take some years for it to return to pre-Covid levels. Because much of Fexco’s business is dependent on this sector, we must examine our operations to determine the changes we need to make," Mr McCarthy said.

He said the company was putting in place a voluntary redundancy programme, with the aim of reducing their overall headcount in Ireland by a minimum of 15%.

Employees will also be offered short-time working arrangements or career breaks. The current three-month salary reduction will also continue for a further three months and will be reviewed again.

"Implementing these necessary changes is a decision I have come to with a heavy heart as the people of Fexco are a huge part of our success to date. We will do this without losing the focus we have always had on excellent service delivery to our colleagues and customers. I know that this won’t be easy, but I want to reassure you that with the right recovery plan and strategy, we can get through this difficult period and thrive."

Fexco was founded in Killorglin in 1981 and the town remains its global HQ, employing 1,000 out of its total of 2,500 staff across 29 countries.

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