Telewest has denied claims made in some newspaper reports that it is about to cut around 1,000 jobs. The company stressed that it is not planning to make any imminent announcement about further job cuts on top of those that it announced earlier this year. Telewest cut 1,500 jobs in May as part of a plan to save the company up to £50 million per year.
Newspaper reports had suggested that Telewest was gearing up to axe jobs and cut spending by a third in order to prepare for the restructuring of the company’s finances. Telewest is planning to undertake a large debt for equity swap deal in order to relieve itself of some of its £3.5 billion debt burden.