UP TO 50 JOBS AT RISK AT THE SOAPWORKS AS TALKTALK SPLITS ITS OPERATIONS

Soapworks based internet service provider 'Talk Talk' is set to 'Demerge', splitting its operations into three separate businesses which could result in up to 50 job losses at it's Orsdall HQ.

The long-established internet and phone provider which boast over 4 million broadband customers, is looking to sell parts of their business starting with its business-to-business (B2B) arm. 

In order to do this the firm will have to make changes which will result in it being split into three separate entities, namely TalkTalk Consumer, TalkTalk Business Direct and the Wholesale Platform.

It is thought that the transition will be completed by 1st of March 2024, with changes expected in top positions. 

TalkTalk was formed by the merger of Sir Charles Dunstone’s Carphone Warehouse Group and Opal Telecom, founded by Irlam entrepreneur Neil McArthur. 

It seems that there is some urgency to the demerger with TalkTalk as a whole having a £330m revolving credit facility due to mature in 2024 November and a further £685m worth of debt which is said to be due to mature in February 2025.

A recent change in interest rates would mean that the company would suffer from increased borrowing costs.

The job losses are expected to come as a result of redundancies.