3i, Britain’s only listed private equity house, unveils plans to axe more than …

By
City Finance Reporter

20:57 GMT, 29 June 2012

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20:57 GMT, 29 June 2012

Job cuts: 3i holds £10.5bn of investments worldwide, including a stake in fashion retailer Hobbs

Britain’s only listed private equity house yesterday unveiled plans to axe more than a third of its workforce in a swathe of cost-cutting measures.

More than 100 UK jobs are set to be lost after 3i, which holds £10.5bn of investments worldwide including a stake in fashion retailer Hobbs, laid out a scheme to slim down the firm.

It will close its Birmingham office and slash back office staff at its London headquarters  as part of a global cull of 160 roles designed to save £40m a year.

But in a surprise decision, 3i (5.8p higher at 197.1p) will halt future spending in Asia, cutting it off from some of the world’s fastest growing markets.

Instead it will focus on investments in the UK, France, Germany, the Benelux and Brazil.

The decisions come from new chief executive Simon Borrows, who took the helm last month and has set himself the task of turning round the group’s ailing performance.

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