More than 50 staff at Curtis Banks are at risk of redundancy as the group moves all aspects of its commercial property business into one office, Professional Adviser understands.
The self-invested personal pension (SIPP) provider has decided to move all aspects of administration of commercial property within a SIPP to its Ipswich office.
The firm currently has 38 individuals working in the property department in the Bristol office and a further 13 in Dundee. All 51 individuals are at risk of redundancy, PA understands.
The move is expected to take 18 months to fully complete, PA understands, and therefore any redundancies will be phased throughout that time. The staff at risk of redundancy will be given priority consideration for any suitable alternative roles within the company until the move is complete.
It is thought a consultation on the move will conclude at the end of September. If the group decides to proceed, a further timetable will be issued.
A spokesperson for Curtis Banks told Professional Adviser: “There is a proposal to transfer all aspects of administration of commercial property within a SIPP to Curtis Banks’ Ipswich office.
“Given that the proposal is subject to consultation it would not be appropriate to comment further at this stage.”