Broker estimates annual savings of £750,000 from reduced headcount
Kerry London’s decision to cut its staff by a quarter will save the company £750,000 a year, results published this week revealed.
The broker trimmed the headcount at the end of 2008 into 2009, to leave around 170 staff remaining.
Chief executive Damian Kissane said: “The predicted savings are three-quarters of a million a year.
“We have also reorganised the business away from a regional model to one aligned with the strategic businesses of construction, corporate and commercial, specials, reinsurance and professional indemnity.”
Kissane said that Trade Direct’s managing director, Paul Greenwood, would take over in the interim at Kerry London Underwriting Agency.
Alan Roe previously headed up the underwriting agency, but is understood to have left this month to join James Hallam.
Kerry London posted 2009 results with a turnover up from £15.1m to £15.9m in 2009, and earnings before interest, tax, depreciation and amortisation rising from £307,000 in the red to £1.7m in the black. Bank debt reduced from £9.3m to £5.75m.
Kissane said: “We finished the reorganisation and consolidation of our business and now we expect 2010 to be a difficult trading year, where our focus will be on bottom-line profitability.”