The Liverpool office of Royal Liver will be closed as part of the merger process making 222 roles redundant, insurer Royal London confirmed today.
Royal London’s bosses confirmed that 105 new jobs will be created at the Wilmslow office along with 7 more in London and the Liverpool based employees of Royal Liver have the option of applying for these roles as preferred candidates.
The company will initiate discussions with the redundant employees to accommodate them in the new roles.
Individual consultations are slated to start next week while the 90 days collective consultations period starts from today.
Though the integration process has not been finalised yet, majority of the work is expected to be transferred by the end of the year.
“We have given careful consideration to the proposed changes being announced today, and recognise the implications that an announcement of this nature has for employees,” said Stephen Shone, group finance director of Royal London.
“We are putting in place a comprehensive package of support for all employees who are affected by the proposed changes, and this will include the availability of specialist outplacement support,” he added.
However, the Caledonian Life business in Ireland remains outside the realm of the merger and its operations will remain unaffected.
“I very much hope that as many people as possible will take advantage of the opportunities arising from the creation of more than 100 new roles,” added Mr. Shone.
Royal Liver and Royal London had signed a transfer agreement in April to complete the merger process by the middle of 2011. Terming the signing of the agreement as an “important stage” of the merger process, Alasdair Buchanan, head of communication for Royal London had said it represented the end of the long due-diligence process undertaken by both the boards.