Employee performance review raises job cut fears

Rubicon could be set to slash jobs after it failed to secure external funding for its refinancing.

Chief executive Bradley Brandon-Cross admitted the company was conducting an employee performance review, but denied suggestions of "massive downsizing".

The move follows the company's failure to secure external funding for its refinancing and the departure of joint chief executive Max Carruthers.

Carruthers left after the Rubicon board, including Carruthers, decided the company needed a single chief executive rather than two people sharing the role.

Brandon-Cross will take over as sole chief executive. More management changes are expected.

The refinancing negotiations saw major shareholder Penta Capital Partners look to reduce its stake. However, the move failed as no agreement could be reached on the value of the company.

Brandon-Cross said: "We had a number of discussions but it was a devil of a job trying to get the two parties to agree on value. In the end we decided to stick with the existing shareholders. Penta is putting a significant amount of money forward."

Under the refinancing deal Penta will retain its 58% shareholding. The remaining shareholding held by directors will not change and Carruthers is to retain his stake in the company.