While the last few months have not brought with them the level of job cuts first feared at the start of 2013, when the rash of City redundancies at one stage looked to approach 2009 levels, Ince & Co has today (13 February) confirmed that it has entered a redundancy consultation in respect of sixteen staff, with the firm blaming economic conditions in its shipping business.
The top 40 LB100 firm has put ten fee earners and six business services staff on notice that they may lose their jobs, following an assessment of the prevailing economic conditions in its core sectors and a review of its resourcing requirements, a firm statement said today.
It is understood that the redundancies will mostly hit staff in the firm’s shipping sector, and the statement added: ‘We are sorry to see colleagues leaving and we will be working closely with our clients and other contacts who may be looking for high quality recruits. All our leavers will be offered outplacement support and significantly enhanced departure packages and we wish them well.’
The move to streamline its team comes following fairly flat 2012/13 financials, which revealed that revenue was more or less static in 2013 at £93.2m compared to £91.6m in the previous year, while overall profit was £1m lower in 2013 at £19.1m.
However, the firm stands out against a host of other City firms for lowering its bank debt, which dropped from £1.4m in 2011/12 to £500,000 in 2013.
The firm’s highest paid member also took home less in 2013 at £545,670 compared to £584,065 in the previous year.
The announcement comes after the second half of 2013 brought redundancy announcements from Watson, Farley & Williams, Wragge & Co and Maclay Murray & Spens, but which failed to reach the levels feared following a first half that saw redundancy announcements from the likes of Eversheds, Clyde & Co, Ashurst, Olswang, Hill Dickinson and Taylor Wessing.