Consultant the third major firm in 24 hours to announce redundancy programme
Gardiner & Theobald is axing close to 70 jobs – the third major firm in 24 hours to confirm it is cutting staff because of the covid-19 pandemic.
Yesterday, housebuilder Crest Nicholson said 130 jobs would be going, around 14% of its staff, while Rider Levett Bucknall said around 45 jobs were at risk – 6% of its UK staff.
Now G&T has said it is cutting 7% of its 960 staff – which means 67 jobs are threatened.
The consultant has blamed the decision on falling output caused by the covid-19 pandemic for the cull, adding that it has begun to implement “a number of cost reduction measures including some reductions in headcount to ensure it continues to adapt to the changing needs and levels of activity in the property and construction sector going forward”.
The firm’s managing partner Adam Glover said: “These are unprecedented times and this is an unexpected development given the financial strength of the business and the positive forward momentum we saw through 2019 and the start of 2020.
“Firms like G&T must reshape and resize from time to time to meet the changing demands of the marketplace and to respond to our clients’ needs. We are very aware of the impact our decision has on those affected individuals but it is important that we position ourselves to be better prepared for the emerging business landscape.”
In its last set of results filed at Companies House, the firm improved income to £191m and saw operating profit jump 6% to £74m in the year to April 2019.
G&T is working on a number of high-profile schemes including developer U&I’s £770m Greenwich Peninsula scheme, plans for which were recently submitted, and the £337m new Museum of London (pictured) at Farringdon which got planning earlier this week.
Another consultant, Gleeds, is also understood to be making a handful of staff redundant although it is believed these are not connected to the covid-19 pandemic.