Canadian firm employs over 1,500 people at UK business
Avison Young has confirmed that UK jobs are at risk as the Canadian real estate giant begins a £16m cost-cutting drive.
The firm, which is working as project manager on a revamp of a City office block set to be carried out by Mace and was the PM on Derwent’s 80 Charlotte Street scheme built by Multiplex in London’s West End, has around 1,600 staff in the UK working out of 13 offices including Manchester and London.
Headquartered in Montreal, the firm, which was set up in 1978, employs 5,000 people out of more than 100 offices worldwide including New York, Vancouver, Berlin and Paris.
But the firm has now announced an initiative to save C$25m (£16m) from its global business with UK staff being given the chance to apply for voluntary redundancy, a process which it said was still ongoing. The firm declined to say how many UK jobs were at risk.
In a statement, an Avison Young spokesperson said: “Last month, Avison Young announced C$25m in cost reductions to our business, including staff downsizing. These actions are a critical step in managing the impact of the economy on our industry while also positioning ourselves for the future.
“This decision will impact most geographies and levels of the business and follows global cost containment initiatives; we aim to complete these actions as quickly as possible in compliance with all applicable laws.”
According to its last set of figures filed at Companies House, Avison Young’s UK business posted a 23% improvement in turnover last year to £214m and narrowed operating losses from £32.5m to £10.5m.
Last year, Avison Young brought in former Homes England chief executive Nick Walkley as principal and president of UK strategic consulting.
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