Covea mulls job cuts after aggregator wind-up

Covea holding company MMA Holdings has warned that redundancies are likely as plans to launch an aggregator have fallen through.

A spokesman confirmed that the aggregator did not fit with “its core UK business and plans for its future growth,” and added: “A possible sale of the aggregator platform has been explored for the last month, looking for parties to take over the work done so far, but no strong or specific enough expressions of interest have been received.”

The company said it will still review all options, including the possibility of an management buyout for certain parts of the platform, but that a sale was unlikely.

The spokesman added: “The proposal is to take immediate steps to wind up the platform. Such action means a strong likelihood of redundancies, but the company will consult with all affected employees to explore ways of avoiding this and minimising the number of employees affected.”