Wonga has announced restructuring which expected to lead to the loss of 325 jobs.
The payday lender currently employs around 950 people and said the losses come as it aims to, "refocus on its consumer businesses."
Wonga can no longer sustain its high cost base which must be significantly reduced to reflect our evolving business and market. Regrettably, this means we’ve had to take tough but necessary decisions about the size of our workforce. We appreciate how difficult this period will be for all of our colleagues and we’ll support them throughout the consultation process.
325 jobs are to go at Wonga as part of "a restructuring and cost reduction programme".
The move is hoped to save the company £25 million over the next two years. Wonga said costs at the company tripled between 2012-2014.
There will now be a 30 day consultation period for those who are at risk of losing their jobs.
A campaign's underway in North Yorkshire to cut VAT on tourism from 20 per cent to just five percent. The UK has one of the highest rates of tax for the tourism industry in Europe and it is claimed this deters foreign visitors and sends Brits holidaying abroad.
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A Northumbria University graduate is to speak alongside government leaders at a conference focussing on the future of British business.
Jules Quinn set up her own business, design-led tea company TheTeaShed, with the help of Northumbria University in 2011.
She will be taking part in a panel discussion at the British Chambers of Commerce annual conference in London next week.
The conference, which brings together the country’s business and political leaders, will focus on how Britain’s next government can encourage a pro-enterprise, pro-growth landscape for business.
Jules was named the Young Business Woman of the Year in 2014 and was selected by the Department for Business, Innovation and Skills and UKTI to launch the government’s Business is GREAT initiative last year, which named her one of the top 10 female entrepreneurs to watch in 2015.
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Teachers from across Sunderland are visiting the Nissan car factory today to learn more about jobs in manufacturing - in the hope that they will give students better careers advice.
They will also listen to talks from other local manufacturing firms. It is the first event of its type to target teachers, rather than students themselves.
The organisers, Work Discovery Sunderland, hope it will help young people in the area find jobs with local businesses.
Sunderland firm Contract Bottling Ltd has announced that it has doubled its workforce and now plans to expand even further having invested over £2m in equipment since 2012, producing record sales for the company.
Full-time employee numbers have risen from 30 to 60, and the numbers of bottles produced by the plant has grown from 15 million to 52 million in the last two years.
The company’s turnover has also grown from under £6m to over £10.6m.
Contract Bottling is now looking to expand its plant in Riverside Road in 2015.
The firm makes, fills and bottles a wide range of flavoured and natural spring waters and soft drinks for its customers, which include national supermarket chains and cash and carry operators.
It also produces over 4,000 pallets of cordial which are shipped out to Saudi Arabia each year in glass bottles as a premium product.
It’s great news that a Sunderland-based company is leading the UK, and thriving from its base in the city. Contract Bottling Ltd should be congratulated for the commitment and passion of its staff which have won it loyal customers and unprecedented soft drinks sales this year. It’s even better news that the company is aiming to expand, to create more job opportunities and productivity in the city.”
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A farmer in County Durham said low milk prices have forced him out of business.
Dairy farming has been in Allan Mace's family for 70 years, but he cannot carry on any longer. He is not alone: in the North of England, more than one hundred farms have gone out of business.
Mr Mace showed ITV News reporter Dan Ashby where other dairy farms in his area used to be:
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