M&S has called out a report that claims it plans to cut hundreds of head office jobs as “simply inaccurate.”
According to reporting by The Sunday Times, a source claimed that hundreds of jobs would likely be axed as part of a cost-cutting drive.
However an M&S spokeswoman claimed it to be “simply inaccurate that hundreds of roles are being cut.”
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“As previously reported in October, we have said the lease on our London office ends in 2028 and that is a sensible time to think about the amount of space we have in London vs elsewhere,” the spokesperson added.
This came as chief executive, Stuart Machin told investors last October that he didn’t see a need for the retailer to have such a large London head office, which currently employs around 4,000 people.
Machin said: “We’ve got a chance over the few years ahead to plan for that — to have smaller hubs around the country and to do that in the most cost-efficient way, but also to do it where we can attract the best talent from across the whole of the UK.”
As part of its plans to cut costs across the business amid sky-rocketing inflation, M&S has identified over £150 million of savings across the coming financial year.
