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Avelo to axe jobs after rebrand

Avelo has put a number of its 400 staff under consultation following the merger and rebrand of 1st Exchange, N4 and Screen Business in March.

One Avelo employee, who wishes to remain anonymous, says the move was announced internally last week and will affect product analysts, software technicians and project managers across the firm’s sites in Cheltenham, Warwick and Woking.

He says staff at N4’s base in Cirencester are expected to be unaffected.

He says: “Just last month they had a lavish launch and were talking like we were going to conquer the world. Now the people who actually build the products are facing the axe.

“Projects and products are going to have to be restricted or cancelled as a result.”

Avelo refused to confirm how many staff are affected but a spokesman says: “We have embarked on a transition programme as we transform our business into a single organisation as Avelo.

“Consequently, we will be consulting a number of staff throughout May about how this will affect their roles.”

1st Exchange acquired Screen Business, a firm which supplies websites and internet applications, in February and bought software provider N4 Solutions in June.

Barretts Financial Solutions senior partner Kim Barrett says: “When businesses come together, they are looking to share cost and cut outgoings. Unfortunately, the biggest cost for any business is staff.”

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