Hundreds of jobs could be axed by a leading Grantham debt adviser as it battles to cope with changes in its market place.
Bosses of financial services provider Totemic (2014) Holdings, of Kempton House, in Dysart Road, want to restructure the business to cope with changes.
The worst case scenario is that we will have to make 400 to 500 redundancies.John Fairhurst, director
They have warned staff that a reorganisation to make the business sustainable may mean hundreds of redundancies.
Director John Fairhurst said: “The worst case scenario is that we will have to make 400 to 500 redundancies.
“But it is early days yet and if we see a return of confidence in the market place then we will look again at the numbers.
Mr Fairhurst added: “It is a shock.”
Totemic, which has its head office in Grantham and is made up of a group of businesses, is the largest private sector employer in Grantham.
It employs 876 staff at sites in Grantham, Long Bennington and Birmingham with most of the workers employed in Grantham.
Its main activity is the provision of free to consumer debt advice and debt management.
However, the industry has been under pressure to change for some time.
It has left Totemic unable to attract sufficient funding to maintain its current level of activity.
A statement released by the company read: “We have entered into a consultation with employees concerning a proposed reorganisation and restructure of the business.
“The proposals have been developed as a result of significant changes within the industry.
“Whilst the company will seek to minimise redundancies where possible, priority must be to ensure a sustainable and long-term future for the organisation and those staff who remain.”