Johnson hopes to utilise voluntary redundancies

New Paymentshield chief executive Tim Johnson has confirmed plans to cut the company’s workforce by 20%, following an in-depth review of the business.

Johnson, who joined from CCV in July, said around 62 staff from the 320-strong workforce had entered into a one-month consultation.

The Southport-based firm, which sells mortgage payment protection insurance, will cut a number of non-customer facing roles, as well as contractors, who will not have their agreements renewed.

Johnson said some staff had also requested voluntary redundancies and that the company would maximise natural wastage. “This particular marketplace is about half the size it was in the past two years. While we had been holding off for as long as possible, we need to do something about it.”