Firm plans to shed 300,000 to 500,000 UK customers

Home repair and insurance group Homeserve’s shares dropped 26% yesterday as the company said it was scaling back its UK operations following an FSA probe over alleged mis-selling.

Homeserve’s shares closed at 168.61p yesterday, compared to 227.40p on Monday. The company plans to cut its number of UK customer from 2.7m to between 2.2m and 2.4m, according to The Daily Telegraph.

In a preliminary results statement for the year ended 31 March 2012, Homeserve chief executive Richard Harpin said: “We took swift and comprehensive action to address the issues that we identified in the UK and are totally committed to restoring our customer focus.

“In the UK we are planning to create a smaller, more focused and sustainable business from which to grow.”

Yesterday Homeserve announced 250 job cuts from its Walsall office due to a lower volume of customers.

 

 

 

 

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