Wednesday, September 23, 2020
Martin Hennecke

CK Hutchison axes 280 jobs at UK phone firm
CK Hutchison (0001) is cutting about 280 jobs at British phone company Three under new chief executive officer Robert Finnegan. The decision mainly affects head office staff in the United Kingdom and represents a roughly 7 percent reduction to the company's 4,300 workers, a spokeswoman for Three said in response to questions. While the conglomerate's telecommunications businesses have been less vulnerable to the pandemic, CKH Group Telecom profit slumped 15 percent in the first half, while active customers at European carriers under 3 Group Europe fell 7 percent to 38.7 million. Finnegan took the reins of Three UK in March and continues to head up its sister wireless company in Ireland, which he has run since 2005. In August, Finnegan told Bloomberg the British mobile market would benefit from consolidation. The Hong Kong-based conglomerate successfully merged Ireland's Three with Telefonica SA's Irish carrier O2. In the UK, Three might have to look elsewhere for partners, since Telefonica struck a deal in May to combine UK carrier O2 with Liberty Global Plc's UK cable company Virgin Media.
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