Virgin Media O2 reportedly set to cut thousands of jobs in a bid to save costs

Virgin Media O2 is reportedly planning to slash thousands of jobs in an effort to cut costs and manage its debt, according to recent reports. The company, which currently employs approximately 16,000 workers, could see up to 25% of its workforce affected, with non-customer-facing roles likely to bear the brunt of the cuts. Sources suggest that as many as 4,000 jobs may be at risk, representing a significant portion of the company's workforce.

Virgin Media O2 (VMO2) is reportedly streamlining its management structure and implementing changes, reflecting a growing trend among companies to reduce their workforce amid financial pressures. The company's customer service has generally performed well, with the fewest complaints among competitors, according to Ofcom data. However, O2's mobile service has been rated lower, only outperforming Sky Mobile, which also utilizes the O2 network.

While VMO2's revenue declined by 7.9% in the most recent quarter, the primary concern appears to be the company's high debt levels, with net debt equating to 5.89 times annualized adjusted EBITDA. Despite the potential job cuts, VMO2 has not yet disclosed precise numbers and details, but the information may be shared during the Q3 earning call on November 3.

The company's strategy to reduce its workforce follows similar moves by other telecom giants, such as VodafoneThree, which announced plans to cut 1,200 jobs in July 2026, though those layoffs were across Europe. VMO2 has been contacted for confirmation on the job cuts, but as of now, no response has been received.