The Oxford division of Bluestone, formerly called Hinkins & Frewin, has merged with Barnes & Elliot, based in Farnborough, to create the Thames Valley business unit. It will be headed by managing director Alan Hague.
Bluestone managing director Chris Saxton said the company’s board wanted a more centralised management structure. He said there had been 12 redundancies.
City sources predict that the rationalisation, including job losses, will cost the group up to £2.8m.