Fexco likely to cut workforce by more than 100

MORE than 100 jobs are likely to be cut this year at Kerry-based business services group Fexco.

The Killorglin-headquartered credit management specialist yesterday confirmed previous rumours that 60 staff are to be let go at its Cahersiveen facility, in the wake of a client choosing not to extend a contract with the company.

Fexco said yesterday that the contract had originally been due to end last August, but had been extended to this month.

“The contract’s completion has been known for some time and has been communicated, both internally and externally, by the company,” it added in a short statement.

Fexco said the Cahersiveen facility continues to operate as “an integral part” of its operations and it is committed to finding a replacement for the contract.

The group employs just over 1,000 people in Ireland — across the two aforementioned Kerry offices and facilities in Cork and Dublin.

Another 500 or so people work for the firm in offices in the US, Australian, New Zealand, the Middle East and Hong Kong.

Separate to the 60 job losses, Fexco is understood to be looking at cutting another 40-plus positions, across its Irish operations, before the end of this year in a voluntary redundancy drive. However, the company declined to comment on this matter, yesterday.

Earlier this year, Fexco culled around 50 jobs from Goodbody Stockbrokers in the aftermath of it acquiring the firm from Allied Irish Banks.


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